French Total to start sending oil deposit revenues to Russia

Publish date: April 10, 2006

French oil company Total said it would begin transferring to Russia the revenues from an oil deposit in northern European Russia.

However, the company did not specify the amount of the transaction, RIA Novosti reported. The move came a day after a statement was issued by the Russian natural resources ministry saying that Total was not fulfilling the conditions under the production-sharing agreement on the development of the Kharyaga deposit. Total has been developing the Kharyaga deposit under a production-sharing agreement signed in 1995 that came into force on January 1, 1999.