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PRICE WATERHOUSE SPEAKER ENCOURAGES CHANGES IN RUSSIAN LAWS AND REGULATIONS GOVERNING OIL AND GAS INVESTMENT

 WASHINGTON, Jan. 15 /PRNewswire/ -- The chairman of the Price Waterhouse World Petroleum Practice told a group of Russian and Ukrainian executives meeting here today how the Republics of the Commonwealth of Independent States could change certain laws and regulations to make the CIS a more attractive place for western oil and gas investment.
 James G. Crump of Price Waterhouse spoke to the audience of Russian and Ukrainian senior managers at a special briefing this afternoon sponsored by the Business Information Service for the Newly Independent States at the US Department of Commerce.
 "It is clear that the former USSR has vast potential for oil and gas investment from western oil companies," said Crump. "However, despite the high level of interest, capital investments are still relatively insignificant, considering the potential.
 "This record is a result of many issues and obstacles, including the tax situation, mineral right ownership, currency inconvertibility, infrastructure problems and Russian accounting requirements," Crump said.
 He offered five suggestions for an improved investment climate in Russia and the other members of the Commonwealth of Independent States.
 "First," Crump said, "protect investments against future changes in the law. Second, install a legal procedure so laws become effective following a reasonable period after their passage. Third, establish a clear, fair and enforceable natural resource law which would specify the various roles of different levels of government.
 "Fourth, establish reasonable limitations and formal procedures governing the authority of government auditors and fifth, provide legislation allowing oil and gas joint ventures to contribute the capital to their charter fund over an extended period of time consistent with cash requirements," said Crump.
 Crump told the group these initiatives could result in "very significant" benefits to the republics.
 -0- 1/15/93
 /CONTACT: Phil Caudill, World Petroleum Practice, 713-750-6067, or Byron Ratliff, Moscow, 7-095-230-6185, both of Price Waterhouse/


CO: Price Waterhouse World Petroleum Practice ST: Texas IN: OIL SU:

SM-LR -- NY047 -- 5443 01/15/93 15:00 EST
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Publication:PR Newswire
Date:Jan 15, 1993
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