Gazprom to create gas and oil assets association

Dec 17, 2004 01:00 AM

"Gazprom is out to bring oil and gas assets together under its aegis. That is excellent, and a necessary thing to do," said Yuri Shafranik, Russian Oil and Gas Industrialists' Union board chair. He was addressing a maiden international conference, Energy of the Future, in Moscow.
"I see it [an updated Gazprom] as a government oil-and-gas holding to determine fuel-and-energy policies for the transition period," he added.

The expert next turned to national and transnational companies. He highlighted LUKoil as setting an example for transnationals with Russia holding no less than half of the capital. Surgutneftegaz, which "is working rather efficiently", offers a model of national companies, with Russian capital making 90 % of the total.
Russian petroleum extraction presently focuses on resuming its previous production scope, and cannot afford an increase. The industry has come to the end of its tether, and demands huge investment to open up new oilfields. The Russian oil-and-gas sector presently needs 25 to $ 30 bn.

Western capital investment is crucial for the sector.
"We can't afford 25-30 bn on our own. Overseas capital ought to directly come to investment projects. We Russians are not ready to cope yet. Russia now has a worthy place in a multipolar energy world. Overseas investment is essential if this country is to retain that place for the next ten or twenty years," stressed Yuri Shafranik.

Source: Russian Information Agency Novosti
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