Exxon Mobil: Russia to play a major role in supplying energy

Russia will play a major role in meeting the world's increasing demands for energy. This was disclosed by Rex W. Tillerson, Senior Vice President of Exxon Mobil, the US largest oil and gas corporation, on Wednesday during the first Russia-US energy summit in Houston.

He pointed out that the world demand for oil and gas would be increasing by 2-3 percent annually during the next ten years.

While speaking about Russia's role in meeting this increasing demand, Tillerson noted that judging by forecasts Russia had possibility to double the current oil production. "None of the OPEC countries has such potential as Russia to increase oil and gas production," the Exxon Mobil vice president said.

While speaking on the Sakhalin-1 project which is worth 12 billion dollars and being implemented by the corporation, Tillerson singled out the measures to successfully commercialise Russia's oil reserves. In his words, the measures comprise advanced technologies, the adoption of necessary legal and financial norms, as well as a continuous dialogue and steady cooperation between industrialists, the authorities and citizens. The Exxon Mobil Vice President pointed to the importance of a possible strategic partnership, i.e. the technological, financial and management possibilities of American companies "can add up to the opportunities of major Russian companies." While commenting on long-term benefits of mass foreign capital investment in the Russian energy industry, Tillerson said that the Sakhalin-1 project "will bring to Russia significant economic benefits, i.e. billions of dollars in revenues and thousands of jobs."

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