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    RUSSIA NEEDS TRANSPARENT TAXATION TO ATTRACT FOREIGN INVESTMENT

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    MOSCOW, March 2nd, 2004 (RIA Novosti correspondent) - Russia needs a transparent taxation system to attract more foreign investment into the country, Jonathan Kollek, Vice President of the TNK-BP (Tyumen Oil Company - British Petroleum) company said at the third international conference, New Opportunities and Markets for Oil Export From Russia and Caspian Countries.

    Russia needs a more transparent taxation system to attract more foreign investment. This is difficult to achieve but we should try hard, he said.

    According to Kollek, the Russian infrastructure for oil and gas product transportation needs investment most. The current infrastructure is insufficient and its expansion will require substantial investment, he stated.

    Projects worth more than $1 billion of investment are difficult to implement in Russia, added the TNK-BP vice president.

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