MOSCOW, May 27. /TASS/. Russia needs to double investments in the oil industry to maintain production at 540 million tons by 2050, Anton Rubtsov, head of the Oil and Gas Complex Department of the Energy Ministry said at the conference "Hard-to-Recover Reserves - Present and Future."

"According to our estimates, in order to maintain production at around 540 million tons of oil by 2050, we need to double investments," he said.

Speaking about possible sources of financing to maintain production, Rubtsov named, first of all, companies' income from oil sales. Secondly, the state should also become an investor, he said.

"In order for businesses to have funds, the state needs to take less at the moment. I'm not saying that this will happen this year or next year. The basis is the tax system and its adaptation. This will be a strategically important decision. This is where investments come from," the head of the Energy Ministry of department said.