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Russia pumping more than a trillion dollars into Far Eastern operations

16th June 2014

Investments in Russia’s Far East oil industry will be increased by more than USD 1tn between now and 2035, according to deputy prime minister Arkady Dvorkovich

Russia pumping more than a trillion dollars into Far Eastern operations
Russia also intends to pump cash into the gas fields of Eastern Siberia and to grow its LNG exports from 6 per cent to 30 per cent of total, according to Dvorkovich

"First of all, oil production and supplies will grow in the eastern region of the country. The part of the eastern direction in the total exports of oil and petroleum products will increase from 12 per cent to 23 per cent. The expected growth in capital contributions and investment will exceed USD 1tn by 2035," Dvorkovich said at the World Petroleum Congress.

Russia also intends to pump cash into the gas fields of Eastern Siberia and to grow its LNG exports from 6 per cent to 30 per cent of total, according to Dvorkovich. "The expected volume of investment in the industry will be USD 700bn.”

It was also reported that natural resources minister Sergei Donskoi said Russia's known oil reserves are enough to provide a yearly extraction of 600 million tonnes of oil for the next 30 years.

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