The Federal Anti-Monopoly Service (FAS) has suggested allowing non-state owned companies to develop offshore projects, Kommersant reports. According to the proposal, the Ministry of Defence or FSB would have the right to restrict access to offshore fields for companies with foreign stakeholders.
In general, we see the demonopolisation of shelf projects as positive for sentiment. However, even if it materialises, we do not anticipate any immediate effect on independent oil producers' medium-term investment plans. We do not expect any market reaction to the news.
Dmitry Loukashov, Alexander Kirevnin, Ekaterina Rodina, Elena Kopylova, Mikhail Zarkhi
VTB Capital analyst
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