Indonesia to hold energy seminar in Russia

Apr 28, 2004 02:00 AM

The Indonesian Embassy to Russia plans to hold a seminar in September on the oil and gas industry to forge a bilateral investment cooperation, reports said. Minister of Energy and Mineral Resources Purnomo Yusgiantoro, who will attend the seminar, is scheduled to meet with Russian energy officials as well as businessmen in the sector.
The seminar is part of a series of events organized by Indonesia's Russian mission to celebrate its 50th anniversary. Energy experts and officials are to discuss the future of the two countries' oil and gas industry at the seminar.

Indonesian Ambassador to Russia Susanto Pudjomartono said the Russian government welcomed Purnomo's planned visit, both in his capacity as president of OPEC and as Indonesia's energy minister. Purnomo's agenda includes visits to a number of oil and gas projects in the country, including an oil refinery project in Siberia.
The minister said that, as one of the largest oil and gas producers, Russia played an important role in the world's energy market. With huge oil and gas reserves, Russia could easily increase production and cause a surplus in the market and lower oil and gas prices.

He added that the Russian oil and gas industry would make the energy market more competitive, which the government must anticipate, as Indonesia relied heavily on its revenue from oil and gas export.
In 2003, Russian oil reserves stood at 60 bn barrels, second only to Saudi Arabia. Daily production averages between 8.7 to 8.8 bn bpd.

Source: Xinhua News Agency
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