Russia OKs Measure Encouraging Foreign Oil Investment:...

Russia OKs Measure Encouraging Foreign Oil Investment: Russia’s State Duma, the lower chamber of Parliament, gave the green light to multibillion-dollar oil and gas investment deals by adopting key production-sharing legislation. The law, which has been a priority for the government and foreign oil companies for years, provides tax and other guarantees previously lacking in one of the world’s riskiest investment climates. “This is the first law in our history that creates the legal basis for attracting foreign investment to the most effective sector of Russian industry,” said Grigory Yavlinsky, leader of the liberal Yabloko faction.