Russia to overhaul its energy and transport infrastructure

Jun 20, 2004 02:00 AM

Russia plans to overhaul its energy and transport infrastructure in order to integrate better into the global oil and energy market, Prime Minister Mikhail Fradkov said.
"Russia's energy sector will develop first of all by integrating into global energy systems and through international cooperation to develop new oilfields and gain access to new markets," he said.

Developments will include new pipeline projects to carry oil through the Baltic Sea east towards Asia, said Fradhov, whose country has been under pressure to increase exports since oil prices soared to record highs early this month.
"Russia will continue to be a reliable and stable partner for European and international companies," added the PM.

Russia has regularly hiked oil production since 1999, but has only limited export capacity because of an underdeveloped pipeline network.

Source: AFX UK Focus
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