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A total of 478 million metric tons of oil will be produced in Russia in 2005
A total of 478 million metric tons of oil will be produced in Russia in 2005, up 19 million from last year, the industry and energy minister said Friday. Viktor Khristenko said oil output could reach 500 million tons in two to three years. He also said he disagreed with assessments about the lower level of management effectiveness in state-owned companies as compared to private firms. "Consolidation processes in this sphere are global," the minister said. "Assets in the oil and natural gas sphere are being enlarged... Only big companies can afford to take the new risks of developing remote deposits." Khristenko cited examples of consolidation involving commercial (TNK-BP) and state structures (Rosneft, Gazprom), adding that the state had not concealed its strategy regarding these assets. "The strategy is to form a public, transparent company with state-owned stock of no less than 51% and to attract resources for its development," he said. "As a result, we see Sibneft's huge development potential and the possibility of reaching an annual output of 100 million metric tons in 2010."
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