PSA SURPRISE

PSA SURPRISE

Control of one of the government’s principle means of attracting foreign investment has passed from the Energy Ministry to the Economic Development and Trade Ministry, which is headed by German Gref , chief architect of the government’s economic program.  The transfer of production-sharing agreements, or PSA’s, to Gref’s ministry came as a surprise during a speech by President Vladimir Putin at the PSA-2000 conference in Sakhalin. Gref’s unexpected assignment is the key to economic development over the next 10 years.