ECONOMY
RUSSIA TO PRODUCE OVER 450 MLN TONS OF OIL BY THE YEAR'S END
"We are expected to produce over 450 million tons by the end of the year," said Mr. Khristenko. This means Russia will produce by 30 million tons more oil in 2004 than last year.
"You mean that Russian [oil] companies are boosting production?" asked the president.
"All Russian companies are boosting production," answered Viktor Khristenko. He named LUKoil, YUKOS, Surgutneftegaz and Rosneft among the leaders in oil production.
"LUKoil, YUKOS, Surgutneftegaz, Rosneft and some others account for major increases in oil output. These companies have increased production considerably," said Mr. Khristenko.
Mr. Putin asked whether Russian oil exports had gone up too. The minister said all the 30 million of extra oil output were supplied to world markets.
Russia's overall crude exports are expected to reach 260 million tons by the year's end, according to the minister.
"Indices over the 7 months confirm the forecast as some 150 million tons of crude have been exported over the period," said Viktor Khristenko.
"The growing production rates are largely due to the favorable situation on the oil market. The rates were stipulated in the optimistic version of [Russia's] energy strategy, which relies on high economic growth rate and a favorable situation on the oil market," added Mr. Khristenko.