The Russian government has approved a bill to register subsurface sections of the unallocated subsoil fund on the shelf of the Azov Sea and Black Sea on the Crimean Peninsula for auction, Russian Natural Resources Minister Sergei Donskoi told journalists.
He said that these sections would include subsurface sections of federal importance. Only companies with 50% or more Russian ownership will develop the sections. The decision to announce auctions and issue licenses on tenders will be made by the government.
