Agreement on bases in Syria to serve strengthening of stability in Middle East — MPRussian Politics & Diplomacy January 20, 21:18
Trump's inaugural address: When America is united, America is totally unstoppableWorld January 20, 20:57
Hermitage chief: New Palmyra destruction comes across as militants' vengeanceRussian Politics & Diplomacy January 20, 20:29
Russia's first deputy PM wants to keep current tax system for next political cycleBusiness & Economy January 20, 19:53
Russia’s Shipulin clinches gold in 20km individual race of IBU World Cup stage in ItalySport January 20, 19:18
Prominent Russian adventurer Konyukhov to take samples from Mariana Trench floorSociety & Culture January 20, 19:15
Gazprom CEO says North Stream-2 pipeline proves relevanceBusiness & Economy January 20, 19:10
More survivors found in avalanche-hit Italian hotel — mediaWorld January 20, 18:48
Donald Trump takes office as 45th US PresidentWorld January 20, 18:21
ABU-DHABI, January 22. /TASS/. Russia's fuel and energy sector will cut investment in view of the collapsed oil price but hydrocarbon production plans will not be hit, Deputy Minister of Energy Alexey Teksler said on Thursday.
"It is even good in some sense because companies will have to improve performance,” he said in an interview with TASS. Government would support Russian companies and had all the resources to do so.
"The ministry is developing a crisis response package covering all sectors," Teksler went on. "Energy companies will be supported on a priority basis in view of the mounting domestic electricity debt burden they have to shoulder. The oil and gas sector will also be closely monitored.”
No production cut was planned because markets could be lost, he said, predicting that the oil price would return to the $60 per barrel level in the second half of 2015.
"Price will stabilize at $60 on average in the second half of 2015, starting gradual growth next year," the minister said. "Global investments will be $1-2 billion lower this year. We have done a thorough analysis and are confident that costly projects will gradually leave the market against low crude prices, contributing to stabilisation,” he added.