Russia to raise oil output by 3 % before yearend

Sep 24, 2005 02:00 AM

Russia is to increase oil production by 3 %, i.e., by 30 bn tons, before the end of this year, Russian Finance Minister Alexei Kudrin told.
Russia is currently producing 9.33 mm bpd.

Kudrin also said Russia was planning to expand infrastructure for oil production, refining and shipment, citing the Baltic pipeline as well as Barents and Caspian projects.
The 2006 federal budget envisions separate line-item funding for the construction of new pipelines and geological prospecting, the Russian finance minister said.

Source: PIN/RIA Novosti
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