DUMA REJECTS PRODUCTION SHARING ARRANGEMENT FOR PETROLEUM INDUSTRY.

On June 9, the Duma rejected on second reading a bill which would have established profit-sharing arrangements in the oil and gas industry and set the stage for more foreign investment, Interfax reported. Many deputies said that they believed the government-backed measure would allow foreign companies to buy up Russia. The bill will be considered again June 14.

Russian Oil and Gas Interests Call for End to Embargo on Iraq.