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Oil and gas industry should revise investment plans at current oil prices — Novak

January 23, 20:19 UTC+3 MOSCOW
"At the current oil prices and floating exchange rate, oil and gas sector should increase efficiency, keep costs down and one more time revise their investment plans," he said
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© Sergey savostyanov/TASS/Archive

MOSCOW, January 23. /TASS/. Oil and gas industry should revise investment plans at the current oil prices, Energy Minister Alexander Novak told journalists Saturday.

"At the current oil prices and floating exchange rate, oil and gas sector should increase efficiency, keep costs down and one more time revise their investment plans," he said.

The Minister also said that the Russian government will support the fuel-and-energy complex in reducing administrative barriers and simplification of administrative procedures.

"As for any additional support, it will not be financial, but more in the field of simplifying administrative procedures related to business activities, administrative barriers," he said.

At the same time, the Russian Energy Ministry prepares proposals to improve efficiency of the fuel-and-energy complex in tight economy.

"We prepare the overall government plan of priority development measures. And we too, for our part, participate in preparing proposals that will be primarily related to improving efficiency of the industry in tight economy," the Minister said.

On January 22, the price of Brent crude oil soared by 7%, surpassing the mark of $31 per barrel.

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