Agency to mull revoking some TNK-BP, Lukoil, Peter Hambro, Polyus licenses

17 April 2007
MOSCOW, April 13 (Prime-Tass) -- Russia's Federal Mineral Resources Agency plans to consider Friday revoking some mineral resource licenses owned by Russian oil majors TNK-BP and Lukoil and gold producers Peter Hambro Mining and Polyus Gold, a source at the agency said Friday, ITAR-TASS reported.

The agency will consider revoking six TNK-BP licenses, including licenses owned by TNK-BP subsidiaries Rospan International and TNK-BP Tekhnologii; six licenses owned by Lukoil-Komi, a Lukoil subsidiary; as well as licenses owned by Aldanzoloto, a subsidiary of gold producer Polyus Gold; the Yamal Mining Company, a subsidiary of U.K.-based gold producer Peter Hambro Mining; and little-known company Geological Investments in Yakutia, the source said.

The agency is expected to decide against revoking the Lukoil-Komi licenses, the source said. The source added, however, that Lukoil-Komi had not yet brought operations at its Yuzhno-Usinsky oil deposit in the Komi Republic in line with government regulations.

The Federal Mineral Resources Agency is also expected to require Aldanzoloto and the Yamal Mining Company to bring operations at their deposits in line with government regulations within three months, the source said.

TNK-BP Tekhnologii is expected to be given six months to comply with regulations, the source said.

The source also said that Rospan International had not yet complied with environmental standards at its deposits.