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News // Politics

Govt Bidding Ban Upset Both Sides

18 February 2005 , 09:05504
The decision of Russian government to bar foreign gold mining and oil producing companies from participating in auctions for big mineral assets, have seriously upset Western firms, and not only them.

The ban will affect the biggest gold and oilfields, such as Sukhoi Log gold deposit in Siberia, Eurasia's biggest undeveloped gold deposit, and a number of copper and oil fields.

Renaissance Capital said, "The foreign investment community already quite wary of the Kremlin's apparent desire to ?Russianize? the natural resources sector?.

The domestic companies are disappointed as well.

"You should not think this decision will necessarily play into the hands of Russian companies," said Yevgeny Ivanov, head of the one of Norilsk Nickel?s gold units.

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