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30 Aug, 2007 07:21

Tenders not auctions

Russia's most important strategic resources, such as oil and gas deposits, should be put to investment tenders rather then being auctioned. That's according to the the Minister of Natural Resources, Yury Trutnev.

The construction of processing facilities should be the main condition of the tenders. Furthermore, Trutnev says he wants the projects to be at the centre of new industrial territories and to help change the position of production forces in the country.

If the government agrees to the idea, then conditions for the processing facilities could be created in Russia within a year.

Any change would be designed to move away from the practice of giving licences to those who pay more.