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Share of oil and gas revenues in Russian budget to decline by 5% in 20 years — minister

February 06, 2015, 16:36 UTC+3 SELIGER (Tver Region)

The minister noted it does not mean that Russia will have less oil and gas revenues

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© Dmitry Rogulin/TASS

SELIGER (Tver Region), February 6. /TASS/. The share of oil and gas revenues in the Russian budget will drop from 52% at present to 45-47% by 2035, Energy Minister Alexander Novak said on Friday at the Arctic Expedition Russian youth forum.

"The 2035 energy strategy provides the share of oil and gas revenues in the Russian budget will decline from 52 to 45-47%," Novak said.

"It does not mean that Russia will have less oil and gas revenues," the minister added.

Cheaper oil gives Russia a chance for intensive economic growth

Deputy Foreign Minister Vasily Nebenzya on Thursday said Russia has a chance to intensively develop its economy following a sharp drop in oil prices.

"The situation we have found ourselves in gives Russia a chance to develop its economy not only extensively but also intensively by promoting our own production, including high-technology products. It has long been discussed, and now the time has come to move from words to deeds," Nebenzya said after two-day consultations between foreign ministry representatives of Russia and Cuba in Havana.

"We cannot say that the drop in hydrocarbon prices has caused no damage to our budget," he said, noting that Russia, which is heavily dependent on revenues from oil and gas exports, had to revise its budget and think of measures which could compensate for the contraction.

The diplomat recalled that the Russian government had just adopted a large-scale anti-crisis spending plan designed to re-capitalise banks and support companies and enterprises of the real sector, as well as to facilitate import substitution and diversify exports.

The Russian delegation, led by Nebenzya, was in Havana for consultations with Cuban counterparts on a wide range of issues of bilateral and multilateral cooperation. During the visit, the Russian diplomat met Cuba’s Foreign Minister Bruno Rodriguez and Deputy Chairman of the Council of Ministers Ricardo Cabrisas.

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