Putin sets guidelines for development of Russian energy industry

Nov 20, 2001 01:00 AM

Russian President Vladimir Putin told his country's energy companies directors that the national gas industries should be adjusted and developed according to international economy and energy situations. The Russian oil and gas complex can play a decisive role in strengthening global economic stability, he said.
Russia should develop its oil and gas industries to stimulate world economic recovery rather than let the world economy's depression affect Russia's energy industry, Putin said at a conference on the development of the national gas industry, held in northern Russia's city of Urengoi.

For fitting the conditions of market liberalization in Europe, Russia should make new state regulations for the gas industry, introduce new principles of pricing in the entire technological chain from extraction to the end consumer, Putin stressed. Russia's reserves of natural gas are estimated at more than 210 tcm, 22 % of which have been explored, and make up about one-third of the world's gas resources, he said.

Source: Xinhua
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