Economic Development Minister: Russia needs three new oil export corridors

Russia needs to develop three oil export corridors, according to a statement today at the St. Petersburg Economic Forum by Minister for Economic Development and Trade German Gref. The minister said that a pipeline was needed to the Far East, the Baltic Pipeline System needed to be expanded, and a deepwater port needed to be built in the north of Russia. 'We can't increase the export capacity of the Russian oil sector without significant investment in pipelines over the coming years,' said Gref. He believes that after the new export corridors have been set up, oil extraction and exports will be able to grow by 10% a year.