Investment in Russia’s Oil Sector Doubles Over Past 5 Years

Capital investment in Russia’s oil sector has doubled over the past five years, reaching 1.3 trillion rubles ($46.3 billion), a Russian Industry and Energy Ministry official said Monday.

“The favorable situation on the world petroleum market and the petroleum sector’s earning capacity have been conducive to attracting investment,” Vladimir Sayenko, the head of the ministry’s state energy policy division, told a third international conference, Mergers, Takeovers, and Licensing in Russia’s Petroleum and Natural Gas Industry, on Monday.

In 2004, Russia sold hydrocarbon resources worth a total of about $100 billion. “Russia exported 56% of its petroleum output and 32% of its gas output,” Sayenko said.
RIA Novosti