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Friday, 05 December, 2008, 17:10 GMT | more >>

Russian watchdog stalks Urals



By Vladimir Afanasiev 

Russian environmental watchdog Rosprirodnazdor is to start auditing independent oil producer Urals Energy within the next week, according to Russian media reports.

Pro-government 24-hour news channel Vesti quoted Rosprirodnadzor as saying that they are “reacting to appeals from Russian environmentalists” that a subsidiary of Urals Energy which produces oil on the Kolguyev Island in the country’s north is “dumping oil products and waste into the sea”.

Besides the north of Russia, the Russian agency will also look at company’s subsidiaries that work on the Dulisma oilfield in East Siberia and also at Sakhalin Island in the Russia’s Far East.

More than 25% of Urals stock is traded on the Alternative Investments Market of the London Stock Exchange, with the remaining shares split among several Russian owners.

Rosprirodnadzor’s deputy head Oleg Mitvol made headlines at the end of April, saying that London-listed companies like Urals Energy and Imperial Energy, had inflated their hydrocarbon reserves to boost the value of their stock.

He said that these companies should be investigated because they failed to officially inform Russian authorities about the update to their reserve base.


Tuesday, 15 May, 2007, 09:08 GMT  | last updated: Tuesday, 15 May, 2007, 09:08 GMT

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