18 May 2002 00:00
ON THE MEETING OF RF GOVERNMENT CHAIRMAN MIKHAIL KASYANOV WITH LEADERS OF MAJOR OIL COMPANIES OF RUSSIA
2002-05-17-003
Mikhail Kasyanov conferred in the Government House with leaders of Russia's major oil companies. They discussed in detail the prospects for the development of oil industry as a whole, investment processes as well as issues related to the regime of the use of subsurface resources. The meeting charted measures to create a stable environment in this sector and conditions to improve the investment climate.
According to the Chairman of the Government, within the coming two months Russia will gradually restore the ordinary volumes of oil production and export. He explained that the members of Government and the leaders of oil companies at the meeting today came to a unanimous opinion that "the completion of stabilization in the oil markets is already getting closer." "It is for this reason that the time has come to gradually lift the restrictions which Russia imposed on itself to stabilize the world oil market," Mikhail Kasyanov said. From January 1, at the request of the Organization of Petroleum Exporting Countries (OPEC) Russia limited its oil export and production by 150 thousand barrels a day.
According to the Chairman of the Government of Russia, the meeting participants analyzed the changes that occurred during two months in the foreign market of oil and oil products as well as the development of the situation in the domestic market. At issue was the situation in the refining sector, in the use of subsurface resources as well as the status of investment processes in the oil sector. The meeting participants favored the adoption of a number of measures to create a stable and more predictable environment in the oil sector. The decision was taken to examine in detail, at a government meeting two or three months from now the question of the development of the uses of subsurface resources in the country and then -- issues of oil and gas processing. The Head of the Government did not rule out the possibility that resources of both Russian and foreign investors would be attracted as projects got formulated in this area.
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