IEA Deputy Director: Global investments in Russia's energy sector will exceed USD 1030 billion by 2030

Global investments in Russia's energy sector will exceed USD 1030 billion by 2030. As a Rosbalt correspondent reports, this prediction was made by Deputy Executive Director of the International Energy Agency (IEA) William Ramsay today, while speaking at the opening ceremony of the All-Russian week of oil and gas. He said that the peak in investment would come in 2010.

Most investment will go towards prospecting new oil fields and gas reserves and maintaining the old ones. Also, a lot of money will be spent on the transportation network and pipelines. According to IEA the total level of oil transportation will increase sixfold by 2030.

Mr Ramsay stressed that Russia will become one of the leading exporters of oil and gas by 2030. He added that Russia would gain a niche in other markets, including Asia. Mr Ramsay laid importance on the Sakhalin-1 and Sakhalin-2 projects and the new transportation networks to Japan, China and South Korea. The IEA expects total global investments in the world energy sector to reach USD 16000-19000 billion by 2030, Mr Ramsay said.