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Economic development minister against idea to form oil reserve in Russia

November 24, 2014, 14:46 UTC+3 MOSCOW
Chairman of the Board of Directors of Russia’s major oil company Rosneft Alexander Nekipelov previously called for the creation of Russia’s oil reserve as a compensation mechanism
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MOSCOW, November 24. /TASS/. Russia’s Economic Development Minister Alexey Ulyukayev said at parliamentary hearings in the Federation Council on Monday that he was against the idea to create the country’s oil reserve.

“I don’t support (this idea). It is not discussed in the government,” the minister said.

Chairman of the Board of Directors of Russia’s major oil company Rosneft Alexander Nekipelov previously called for the creation of Russia’s oil reserve as a compensation mechanism.

“The formation of the infrastructure that would allow the government to form the oil reserve in the period when we have a surplus of oil in order to unload it onto the market when the situation is reverse should be discussed again. It’s not quite clear to me why we should have the state grain reserve and no oil reserve,” Nekipelov said.

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