August 31, 2009
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Home / Issue Archive / 2009 / June #6 / Russia Eyes $2 Trillion for Energy Sector by 2030

№ 6 (June 2009)

Russia Eyes $2 Trillion for Energy Sector by 2030

Russia plans to invest up to 60 trillion roubles ($1.9 trillion) in its energy sector by 2030.

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Russia plans to invest up to 60 trillion roubles ($1.9 trillion) in its energy sector by 2030 in a drive to boost stagnanting oil and gas output, two sources in the government said on Wednesday.

They said Asian markets would increase their share of Russia's energy export volumes to 25 percent by 2030 from only 6 percent today.

"Europe's share is set to decrease, although volumes will be rising," one of the sources said on condition of anonymity.

Energy Minister Sergei Shmatko said Russia's Energy Strategy-2030 plan would be revised on Thursday at a government meeting presided over by Prime Minister Vladimir Putin. He gave no further details.

One of the government sources said the plan foresaw an increase in Russian oil output to 530-535 million tonnes by 2030 from 481.1 million tonnes in 2008. Natural gas output would rise to 880-940 billion cubic metres from 665 bcm last year, he said.

For this, the authorities plan to set aside a total 60 trillion roubles, or 5.0-5.5 percent of gross domestic product each year.

Energy exports contribute a large share of Russia's budget, but oil output fell last year for the first time in a decade. (Reporting by Darya Korsunskaya and Anastasia Lyrchikova, writing by Vladimir Soldatkin; Editing by Keiron Henderson)

 Copyright 2009. Reuters. All rights reserved.

 

 

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