Russian government expects increased oil extraction in 2003

The Russian government expects the volume of oil extraction in 2003 to be increased to 415-420 million tons, Russia's Vice Premier Viktor Khristenko announced at a press conference on Wednesday.

According to preliminary estimates, this year a total of 380 million tons have been extracted in Russia, he pointed out.

As early as in the first quarter of 2003 the volume of oil extraction can rise to 106-107 million tons, according to Khristenko. Moreover, oil exports to foreign countries and former Soviet republics during the same period will exceed 43 and 9.5 million tons respectively.

The Vice Premier also said that "Transneft" system exports would total 32 million tons.