Energy Ministry posts plans to increase oil and gas production

Russia is going to produce 390m tons of oil in 2003 compared to 379m tons in 2002, a report of Energy Minister Igor Yusufov says. The production of natural gas is expected to reach 603-604bn cubic meters against 593-594bn cubic meters in 2002. The production of coal and the volume of oil processing will be raised this year as well, to 270m tons and 190m tons respectively. Furthermore, the volume of generated electrical energy is planned to rise to 903-904bn kWh.

The statement of the Energy Minister says that in 2003 the Ministry would complete the Russian energy strategy throughout 2020. This strategy, in particular, stipulates the development of new deposits (in Eastern Siberia, Far East and on the sea shelf).

The main task of the Energy Ministry for 2003 is to provide guaranteed, stable and solvent consumer demand for fuel and energy resources on domestic and external markets. To fulfill this task, the Ministry will make efforts to promote further growth in the fuel and energy sector.

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Author`s name: Editorial Team