Russian oil and gas sales to provide 20 % of 2004 budget revenues

Nov 18, 2003 01:00 AM

The share of revenues from oil and gas sales in the structure of the 2004 budget revenues will be some 20 %, Russian Deputy Natural Resources Minister Ivan Glumov declared.
The revenues from oil and gas sales are to amount to about $ 15 bn.

He reiterated that, according to Russia's energy strategy, oil production in the country would reach 520 mm tons and gas output was set to increase to 740 bn cm in 2020.
On the whole, some 25 bn tons of oil and over 25 tcm of gas have been produced in Russia since their industrial production started in 1864, which is worth more than $ 5 tn in current prices.

Source: RosBusinessConsulting
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