September 2, 2011
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№ 6 (June 2011)

Putin: Russian Oil Companies to Invest 8.6 Trillion Roubles in Developing The Fuel and Energy Complex by 2020

Russian oil companies will invest about 8.6 trillion roubles into the country's fuel and energy sector by 2020, Russian Prime Minister Vladimir Putin said during a United Russia interregional conference in Yekaterinburg.

By A.N.G.I.

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"Investment plans are truly large. I even catch my breath when I see the sum. Oil companies alone will invest 8.6 trillion roubles into the fuel and energy sector by 2020", he said.

Putin noted that, in particular, 940 billion roubles of this sum would be spent on geological surveying and the development of the raw material base, 5.3 trillion roubles on field development, 812 billion roubles on transporting raw materials and 780 billion roubles on modernizing refineries.

"That represents a huge amount of work, it's not merely digging holes and producing oil. An entire range of objective must be met here", he said.

Putin added that another 340 billion roubles would be spent on resolving the problem of flaring associated petroleum gas (APG). He noted that in 2004, only 73 percent of APG was recovered and that current recovery figures were around 80 percent. He said that in 2012, companies should recover 95 percent of APG.
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