Chevron's Russian drilling project hinges on tax-relief assurance

07/9/2010 | Bloomberg

Chevron's Black Sea drilling venture with Rosneft will rely on the Russian government's granting "fiscal relief" to ensure the project's economic potential, according to the companies' drilling deal. They intend to finalize discussions by the end of March and commence drilling by the end of 2011. Chevron will hold a 33.3% interest in the project, while Rosneft will own the rest.

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