Investments in fuel and energy industry plunge

In 2002, the volume of investments in the Russian fuel and energy industry was 79 percent of the level of 2001. This information was released in documents prepared by the Russian Energy Ministry for a meeting of the Ministry's board, devoted to the results of 2002. The volume of investments, planned for 2003, amounts to RUR708.4bn (about $22.38bn), or 131.6 percent against 2002. It is planned to put in operation 3,937 oil wells, energy facilities with an output of about 1.206 million kilowatts, 884.8 kilometers of main gas pipelines, 776.6 kilometers of oil pipelines, and coal production facilities with capacity of 16.6 million tons.

In 2002, capital investments in the electrical energy industry were RUR79.740bn (about $2.52bn), or 89.6 percent of the planned amount. Electrical energy exports reached 18.6 billion kilowatt per hour, worth $261m.