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Russia to have oil reserves

January 10, 2012, 13:22 UTC+3
State officials are looking at a possibility to create a nest egg of Russia’s basic mineral treasure – oil
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MOSCOW, January 10 (Itar-Tass) — Russia’s ministry of energy has developed scientific grounds to back the creation of an oil reserve.

For the first time in Russia, state officials are looking at a possibility to create a nest egg of Russia’s basic mineral treasure – oil. The ministry of energy has drafted a document providing for the storage of up to 15 million tons of oil at a number of underground oil tanks. Given the plan comes true, Russia will have another highly liquid reserve, along with that of gold and currency, experts believe.

The document’s key conclusion is that Russia needs its own oil reserves.

Such reserves may have two possible goals. The first one is to influence the domestic market. And the last but not least goal is to influence oil exports and derive profits, says Vladimir Feigin, the director of the Institute of Energy and Finance and a co-author of the ministry’s report.

 

 

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