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Production Sharing Agreement

Student: Vladimir Barkovskiy

Supervisor: Elena G. Rakova

Faculty: School of Law

Educational Programme: Jurisprudence (Bachelor)

Year of Graduation: 2017

The Production Sharing Agreement is one of the most common forms of the investment contract regarding petroleum and gas exploration and development. After the adoption of the Federal Law “On Production Sharing Agreements” in 1995 the Russian Federation has signed several PSAs and has received an income of more than $10 billion. So, the enhancement of that legal institute in the Russia may lead to inflow of foreign investment and the growth of the domestic economy. The focus of this article is the PSA as the legal agreement, which regulates the legal, commercial and fiscal relationship between the Russian Federation and investors. It identifies the key issues concerning the legal nature of the PSA. In particular, author defends the approach that PSA is civil contract with several administrative elements. Moreover, the main differences from resembling investment agreements are revealed. The degree of risk for the parties of the contract is the main criterion for the distinction.

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