Russia Said to Mull Cash-for-Clunker Oil-Rig Plan to Cut Imports

Russia may consider a rebate program to help service providers replace aging oil and gas rigs as U.S. and European sanctions bar technology imports, according to two government officials.

The Energy Ministry proposed the state offer subsidized loans and cash bonuses for rigs older than 25 years to companies buying domestically manufactured rigs, according to the people, who asked not to be identified because the recommendation isn’t public yet.