Russian regulators threaten country's top oil firm

0 Comments | AFP, October, 2006

MOSCOW (AFP) — Russian environmental regulators have announced a crackdown on Lukoil, the country's biggest oil firm, following pressure on foreign energy companies in Russia which provoked international objections about unfair treatment. The environmental resources ministry said it may strip 19 licenses from the privately owned Lukoil, following weeks of mounting pressure on foreign energy companies in Russia.

"As a result of inspections carried out in accordance with the law 'On Subsoil Resources,' (the ministry) has decided that it is necessary to remove the licenses for research and extraction at 11 licensed plots" in the central Russian Komi region, the ministry said in a statement Friday. An additional eight licenses may be stripped from Lukoil subsidiaries in the...