| The thesis elaborates issues of non-parties' rights protection in the formation and renegotiation of petroleum agreements. Since the idea of permanent sovereignty over natural resources was introduced in 1962, numerous oil exporting countries' governments modernized their oil investment agreements in order to meet this international principle and thus defend the interests of their peoples. Nevertheless, the problem of balance between defending investors' assets and protection of local population interests is not yet solved and governments continue to reform these contracts.;For a prolonged time in the disputes on renegotiation of petroleum agreements the state parties used arguments based on the principle of permanent sovereignty. The investors used arguments based on the "resource curse" theory, sought more transparency in fiscal regimes and more democracy in state regimes of petroleum exporting countries.;This thesis uses sustainable development as a legal theoretical framework that suggests a middle path, a way to point out, strengthen and protect mutual interests of foreign investors and host governments. Besides, within the framework of sustainable development the thesis elaborates protection of rights of other stakeholders impacted by the petroleum contract implementation.;The argument of the thesis is focused on promotion of sustainability in production sharing agreements. The author examines development of production sharing agreements during the past several decades in four jurisdictions in support of the hypothesis that there is an evolution of these investment instruments towards sustainability. The thesis contains theoretical analysis of terms and practical recommendations for evaluation of present and evolution of future production sharing agreements in order to make these petroleum agreements better for multiple sustainability stakeholders. |
