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    RUSSIA READY TO GAIN FROM NORWAY'S EXPERIENCE

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    MOSCOW, January 28, 2004. (RIA Novosti) -- Russia can resolve to the Norwegian experience in the use of minerals and taxation in the oil and gas sector.

    Russian Fuel and Energy Minister Igor Yusufov disclosed this following a meeting with his Norwegian counterpart Einar Steensnaes.

    "Norway is known to have one of the foremost and productive systems of taxation in the oil and gas sector," Yusufov said. "Norwegian colleagues have shared with us their materials in taxation and the use of minerals. I think their experience will come in handy in Russia and we will make use of it." "It is very topical nowadays since this year the government will have to renovate the Law on the Use of Minerals and alter the system of relations between the state and business in the oil and gas sector," the Russian minister stressed.

    Yusufov also said that the meeting also focused on the issue concerning the investment climate in Russia.

    "The Norwegian companies have amassed a large investment capital, have a big experience in the production of oil and gas especially on sea shelf. It is crucial for Russia today because, in a bid to gain new reserves, we are going to explore oil-deposits on a sea shelf. Here, the experience of the Norwegian companies is useful for Russia and in demand in our country," Igor Yusufov noted.

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