Premier Kasyanov: Russia's Energy Balance Intends Increase In Oil Production

The Russian energy balance intends an increase in the production of oil to meet the growing domestic demand and economic requirements, as well as "to meet the demand of the developing neighbour economies". Russian Prime Minister Mikhail Kasyanov said this after negotiations with the prime Minister of Kazakhstan in a comment on the start of work of the Caspian pipeline consortium (CPC). This is the reason why Russia invests heavily in the development of the infrastructure, particularly pipeline networks, said the Russian premier. Kasyanov recalled that the CPC project has taken seven years to materialise and, eventually, has become "one more way for carrying oil from Kazakhstan". Russia, too, is going to join the CPC for the transportation of Russian oil. Also, an agreement on electricity cooperation within the framework of large-scale integration of the Russian and Kazakh economies will be signed very soon, reported Kasyanov. In the estimate of the prime minister of Kazakhstan, Kasymzhomart Tokaev, with the commissioning of the CPC the production capacities of the Kazakh oil industry will increase two times from the present 36 million tonnes a year. According to the Kazakh premier, Kazakhstan, which is an inland state without access to seas, now gains "direct access" to external markets and secures additional opportunity for the transport of oil.