Russia proposes OPEC should use national economy investments

Oct 02, 2001 02:00 AM

Moscow has proposed that OPEC should use investments in the national economy sectors that are not directly engaged in the extraction and refining of hydrocarbons as a mechanism for reducing Russian oil exports. This was announced by Russian energy minister Igor Yusufov.
According to Yusufov, this idea was voiced by himself in response to the demand expressed by OPEC officials within the framework of the OPEC's 117th conference that Russia curtail its oil exports.

Yusufov noted that he had "proposed that the OPEC think about its participation in the investment activity in Russia in the economic sectors not directly related to the extraction and processing of oil as an effective instrument that would stimulate Russia to consume more of its own hydrocarbons at home and thus reduce the volume of export."
The specific mechanism of such possible investments by OPEC has yet to be defined, the minister said. Moreover, as a result of the OPEC conference, Russian has made a decision to set up a committee that will coordinate cooperation with OPEC. "It will function on a voluntary basis and it will be made up of representatives of the vertically-integrated Russian oil companies which produce no less than 5 mm tons of oil and can possibly attract smaller companies and enterprises."

Source: Itar-Tass
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