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Russian Watchdog Recommends Revoking Sibir Oil Rights

Russia’s environmental watchdog recommended revoking production rights for a unit of OAO Sibir Energy Plc, the London-listed oil company controlled by billionaire Chalva Tchigirinski, for “serious violations.”The unit, OAO Magna, broke ecological laws and the terms of its license, Rosprirodnadzor said in an e-mailed statement today.

Magma didn’t sufficiently utilize the natural gas that is produced alongside crude, the watchdog said. Rosprirodnadzor, an agency under the Natural Resources Ministry, sent its recommendations to the state commission empowered to revoke production permits.

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http://www.bloomberg.com/apps/news?pid=newsarchive&sid=abYAdMXixm8E