Yukos head does not believe foreign investments in Russian oil and gas sector are necessary

Head of the YUKOS oil company Mikhail Khodorkovsky believes that foreign investments in the Russian oil and gas sector are desirable but not necessary. He said this at a plenary meeting of the World Economic Forum's Moscow session on Friday.

"We welcome investments in the oil and gas sector. This raises the cost of our assets. But it should be stressed that investments on a competitive basis are desirable and welcomed. The word necessary is unacceptable in this case," Khodorkovsky said.

In his opinion, the oil reserves in the Russian Federation have been "underestimated." "They account for no less than 150 billion barrels but the adopted figure is 50 billion barrels," the YUKOS head pointed out.

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