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Use of the subsoil resources of the Russian Federation’s continental shelf was the subject of discussion.

Mr Medvedev announced that he has signed a law amending the Federal Law ‘On the Russian Federation’s Continental Shelf’ and a number of statutes.

The President said that the continental shelf is part of the nation’s wealth and should be used rationally. He described the law as having a special nature and stipulating special procedures. Mr Medvedev explained that instead of the usual tenders and auctions, the law allows the Government to make specific individual decisions on the provision and use of sections of the continental shelf for mineral resource exploration and exploitation purposes.

The President said that the Government will need to draft some bylaws for the law to be able to begin work.

The law stipulates that the Russian Federation Government approves the list of sections of the continental shelf’s subsoil resources made available for exploitation. The Government also approves a state programme for studying and developing the continental shelf.

Mr Sechin explained that only Russian Federation legal entities with more than 50 percent of their shares owned by Russian legal entities are entitled to make use of the continental shelf. Furthermore, only the Russian Federation can have direct or indirect controlling stakes in them. The subsoil resource users must have at least five years experience of offshore work.