Russia's energy sector needs foreign investments

Oct 24, 2001 02:00 AM

The Russian energy sector's priority task is to attract new investments, Chairman of the Russian Unified Energy Systems Board Anatoly Chubais stated. He is taking part in the work of the 18th Congress of the World Energy Council, which is currently under way in the capital of Argentina.
Fundamental decisions have already been made on the reconstruction and liberalisation of the Russian energy sector, which are already being implemented. This is a long and difficult process. Therefore, "it would be wrong to wait for its end and to start working with investors only after that," Chubais stressed.
"Attraction of investments is an absolutely urgent job for us," he added. Therefore, Chubais' report to the Congress and his numerous talks here were designed to inform potential investors on "the list of eleven projects that was drawn up in keeping with world standards and are now ready for practical implementation". "Work on them can be started not within the next five or eight years, but already inNovember 2001 or at the beginning of the next year," Chubais stated.

He told that the Russian energy sector would need investments, amounting to $ 35 bn over the next ten years or so, to build and reconstruct energy-generating installations and another $ 15 bn to develop the power transmission network, to construct substations.
Each project, offered to investors, requires a definite funds, Chubais stressed. "In one case this may add up to $ 12 mm, and in another -- 300. However, these are absolutely realistic projects," he noted.

Source: Itar-Tass
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