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Gold/Mining/Energy : Bitech Petroleum Corp new well 2400 bopd
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To: hedger who wrote (11)11/14/1997 11:00:00 AM
From: Bob (Hijacked)  Read Replies (1) of 32
 
<Off Topic>

Russia's Duma calls for halt to privatiations

MOSCOW, Nov 14 (Reuters) - Russia's lower house of parliament, the State Duma, called on
Friday for a halt to all Russian privatisations until a federal law is passed outlining a state programme
for privatisations by the State Property Fund.

The Duma voted 229 to 24 in favour of the resolution, with two abstentions. The draft has to be
voted on again before it is finally approved. But Alexander Kotenkov, presidential representative to
the Duma, said the Duma had no legal power to halt privatisations, which are the government's
responsibility.

''The Duma can adopt whatever it likes, but the privatisation deals are the responsibility of the
government,'' Kotenkov said. ''The Duma can only advise, and their decisions do not have any legal
force.''

But the vote will only add to pressure already bearing down on the cabinet over privatisation.
Previous sales this year have caused a storm of protests for being unfair, and a number of big state
sell-offs could bring fresh controversy.

The two biggest sales scheduled to go under the hammer soon are state oil company Rosneft
(PFGS.RTS) and a 24 percent stake in telecoms holding company Svyazinvest.

Turbulence on Russian financial markets in the last few weeks has raised doubts over many Russian
institutions' ability to bid in the sales, and the attractiveness of the Russian market overall to foreign
investors. The government desperately needs cash from privatisations to shore up its budget plans
for this year and next.
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