::: RUSENERGYLAW Journal ::: #4'2006

RusEnergyLaw JOURNAL • Archive/4'2006

Carl-Stephan Schweer, Joseph Phelan, Bernd Beckmann
Is the Clean Development Mechanism Warming Up ?

.PDF version /For Subscribers Only/

Evgeny Danilov
Legal Aspects of Pipeline Transportation in Russia

.PDF version /For Subscribers Only/

Diana Fatkullina
Overview of the Law on Concessions and Its Potential Application to the Energy Sector

.PDF version /Free Access/

Ernst & Young in Kazakhstan
Kazakhstan Oil and Gas Tax Guide

.PDF version /For Subscribers Only/

Allen & Overy
Russian anti-trust regime comprehensively overhauled

.PDF version /For Subscribers Only/

Russia

Gas Export

Dangerous industrial objects

Customs

Public Institutions

Bankruptcy

State Budget

Public Contracts

Ukraine

Improvement in Securities Regulations Benefits Non-residents

Unified Register of Court Decisions

.PDF version /For Subscribers Only/

Oil-Gas-Energy Law Intelligence service
Table of Contents – Volume 4, issue #03, published September 2006
Table of Contents – Volume 4, issue #04, published November 2006

.PDF version /Free Access/

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EDITORIAL

Victor Borodin, Tax & Legal partner, Ernst & Young

Dear Colleagues,

The current issue of Russian/CIS Energy & Mining Law Journal presents matters of legislation, infrastructure, and regulation in the oil and gas sector, and provides legal updates on the latest CIS developments.

In the first article, "Is the Clean Development Mechanism Warming Up?" Carl-Stephan Schweer, Joseph Phelan, and Bernd Beckmann discuss the Clean Development Mechanism estab- lished by the Kyoto Protocol, and its implications in regards to Certified Emission Reductions and the EU Emission Trading Scheme. The authors describe initiatives in place for the development of CDM-related projects and further credit trading, and contend that uncertain obligations of the Protocol post-2012 may have negative reper- cussions on the carbon market and climate in the future.

Next, Evgeny Danilov examines the Russian Federation’s directives and legal framework regarding pipeline transportation in "Legal Aspects of Pipeline Transportation in Russia." No singular, compre- hensive law regulating the sphere of pipeline transportation exists as of date, although work is still underway to advance a draft passed by the State Duma. Meanwhile, pipeline infrastructure in oil and gas transportation is governed by several Codes in Land Law, Maritime Space, Environ- mental Protection, and others, which are included in the article’s analysis.

Diana Fatkullina looks at the potential application of the 2005 Russian Federal Law "On Con- cession Agreements" to pipeline transportation of hydrocarbons, and the advantages and dis- advantages of such application for foreign investment. The author provides the case that existing constructed oil and gas trunk pipelines will not be impacted by the legislation. She concludes that the attraction of foreign invest- ment will in fact be facilitated by the Law.

Ernst & Young in Kazakhstan describes the country’s oil and gas taxation regime in "Kazakhstan Oil and Gas Tax Guide." Kazakhstan has generated much interest in its oil development, especially since the discovery of Kashagan oil field in 2000. Kazakhstan’s laws regarding subsurface use and subsurface taxes and fees are explained in detail.

And in "Russian Anti-Trust Regime Comprehensively Overhauled," Allen & Overy explains the changes enacted with the new Russian Federal Law "On Competition," which replaces two anti-trust Federal Laws from the early 1990s. This new, unified law in force since 26 October 2006 provides revisions in scope of transactions covered, thresholds at which FAS consent must be sought, and changes in establishment of new commercial organizations and application review, among other details. It is widely believed that penalties for violating the new Law will be more severe than those for past rules.

The CIS is undergoing dynamic transformations in its energy, gas, and mining sectors. We are pleased to inform you of the trends, developments, and changes that will shed light on the often challenging legal aspects to the business.