Moses GELMAN, Editor-in-Chief of Promishlenniye Vedomosti newspaper: So far, only two oil projects, Sakhalin-1 and Sakhalin-2, which were launched even before adoption, are actually being implemented under the Production Sharing Agreement (PSA) scheme. ..

Moses GELMAN, editor-in-chief of the Promyshlennye Vedomosti newspaper:

— So far, only two oil projects, Sakhalin-1 and Sakhalin-2, which were launched before the adoption of the law, are actually being implemented under the Production Sharing Agreement (PSA) scheme. But you can judge from them what will happen next. The agreements are drawn up in such a way that the state pays absolutely all costs. And theoretically, Russia can get nothing at all from these projects. Based on the results of an audit by the Accounts Chamber, it is known that only a PR campaign for one of these projects cost about $50 million.

It is impossible to control the financial flows of such projects, since all the accounts of operators (and these are foreign companies) are in foreign banks. All equipment is purchased by operators abroad from affiliated firms at substantially inflated prices. Compared to similar Russian equipment, which can also be used, the difference in prices reaches 100% or more. This 100% profit alone, paid for by our own oil, can serve as a good incentive for those concerned. In general, it is not clear why state operators are not created in Russia instead of foreign ones, as is done in Norway. Then the contractors will be foreign. But all costs will be controlled.

And it is not clear why they took up the PSA. Indeed, in the consolidated budget, tax revenues from oil sales do not exceed 10% per year. And at the same time, about 22% of our oil wells (33,000) are idle. Even if they produce at least three tons of oil per day, this will amount to over 36 million tons per year, that is, more than 10% of the total annual production and much more than all Sakhalin oil. But for this it is necessary to exempt these wells from taxes.

As for the potential for corruption in the PSA law, they can reach 100% or more in each project in relation to the actual costs. By the way, the current law says that 70% of the equipment must be purchased in Russia. But this is not being done. And it is unknown if it will.

In this way, PSAs allow corruption to be legitimized, as oil operating companies will legally receive a “kickback” in their favor and in favor of their front intermediaries. And the budget will receive crumbs.

"New Newspaper"