Gref: Russian oil to play big role a long time

Russian output of oil and gas will increase 150% from present levels by 2020. German Gref, Russia's minister for economic development, forecast the increase during the 2nd Russian-American Business Energy Summit.

Gref said that oil production in Russia over the next 16 years would grow by 120-150 million tonnes, an amount that could be considered a reserve and used for export to the US market. He said participation by Russian companies in the world energy market was a strategic task for Russia's fuels-energy sector. Gref said Russian oil production for 2003 should be up to 410 million tonnes.