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"In Russia's case, companies are hindered from energy investment by high
taxes and an undifferentiated fiscal regime that provides no incentives for
hard-to-produce deposits," she said. "Resource development has also been
hindered there by recent centralization of the energy sector. This
centralization, particularly in Russia's case, is very problematic. It is
fostering an opaque investment climate, it is decreasing competition, and it is
also decreasing opportunities for qualified U.S. companies."
Paul Simons, deputy assistant secretary for energy, sanctions and commodities
at the State Department's Bureau of Economic and Business Affairs, voiced other
concerns. "Russian (energy industry) operators have made great strides to
control certain key aspects of the upstream and downstream activities, from
exploration to transport. This has been somewhat troubling," he said.
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