5-8 Percent Of Growth In Industrial Production Expected In Russia Over The Next Five Years

Industrial output in Russia is expected to grow at the rate of 5 to 8 percent over the next five years. A statement to this effect was made by Sergei Mitin, deputy minister of industry, science and technologies, when addressing a conference of chiefs of the defence industry complex and the oil and gas complex held Tuesday. According to Mitin, recently the defence ministry complex has managed to considerably raise the level of production of its equipment; its growth rates over the first ten months of this year constituted 24.5 percent. As Mitin pointed out, the equipment produced by the defence industry complex is rather competitive now, so the task is to win the market for supplies of equipment for the Russian oil and gas complex and start exporting this equipment to international market. In Sergei Mitin's words, most of the equipment produced will be supplied for enterprises of the oil and gas complex developing deposits on PSC (production sharing contract) terms. He noted that within the next ten years 100 billion dollars would be invested in the oil and gas fields developed on PSC terms. Mitin also stressed that it was necessary to switch over production to international standards. This will enhance the quality and competitiveness of our products, he said.