Energy Minister says Russia needs no oil reserve for domestic consumption

There is no need for Russia to create an oil reserve for domesticconsumption, Russian Energy Minister Igor Yusufov told reporters after agovernment meeting dedicated to the ongoing preparation for the 2002-2003fall-winter season. The Energy Minster was quoted as saying the issue ofcreating the oil reserve was considered at today's meeting, but there is nogeneral concept of the issue so far. According to Yusufov, theestablishment of the oil reserve is not as urgent issue for Russia as it isfor the world market. Of 350m tons of oil produced in Russia in 2001,only 100m were consumed inside the country, while the rest of oil wasexported. The Energy Minister reported the question of the funds requiredfor the construction of reservoir facilities and for oil transportation wasstill open. .

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