USD 85 Billion May Be Invested in Russian Oil and Gas Industry by 2015 under Production Sharing Agreement

USD 85 billion could be invested in the Russian oil and gas sector by 2015 under a production sharing agreement. As a Rosbalt correspondent reports, this was announced today by Deputy Russian Minister for Industry, Science and Technology Sergei Mitin at the fifth national conference of producers and consumers of oil and gas equipment. He also said that one of the main aims of this agreement is to bring together the producers and consumers of this equipment so that they can work together. Mr Mitin emphasised that the mechanisms of support of Russian contractors are not yet fully developed and for this reason the statutory quota of the agreement which limits Russian participation in supplying equipment to 70% has not yet come into force.