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Russian fuel/energy sector to develop new resources - Putin

June 21, 2013, 15:31 UTC+3

Russian President claims the energy sector entering new phase

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ST PETERSBURG, June 21 (Itar-Tass) - President Vladimir Putin said the Russian fuel and energy sector was entering a new phase to develop new resources on the shelf, high-viscosity and shale oil, and its output in polar latitudes.

Speaking at a round-table meeting within the St Petersburg International Economic Forum on Friday, Putin said, “The development of the sector is linked to new projects in the East and in the Arctic.”

The president stressed that the volume of new resources was colossal. At least 22 billion tonnes can be produced from the Bazhenov group, Western Siberia, Putin said.

“In recent months we’ve done much - we’ve offered a new tax system to develop stranded gas fields,” the president said, adding that these tasks required coordinated actions, cooperation between producers and return projects related to the exchange of assets, the implementation of projects, localization and license of technologies.

“We’ll pursue this policy,” Putin said, saying the first steps were being taken by Rosneft and ExxonMobil.

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