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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: JGreg who wrote (47652)	7/9/1999 10:13:00 AM
From: gpphantom	Read Replies (1) \| Respond to of 95453

(COMTEX) B: Fuel minister warns about probable drop in oil output. B: Fuel minister warns about probable drop in oil output. MOSCOW, July 9 (Itar-Tass) - The Russian annual extraction of oil may drop to 200-220 million tonnes by 2005 if no measures are taken to improve the situation in the oil industry, Fuel and Energy Minister Viktor Kalyuzhny said when delivering a report at the fourth congress of the Russian Union of Oil and Gas Businesses on Friday. If the negative tendency remains, the fuel provision of the country can be endangered and Russia will have to either drastically cut the exports or to lessen the supply to the domestic market, Kalyuzhny noted. "Both variants are a deadlock, and they cannot be allowed," he said. In the opinion of the ministry, the state poorly disposes of its share in the oil companies and time has come for the direct state regulation of the activity of the fuel and energy industry. Kalyuzhny suggests to raise the status of his department in the sphere of control over the state property and the give it "the rights of the holder of the state parcel of stock." He thinks it necessary to increase the state share in the capital of the oil companies which have a debt to the federal budget. Due to the financial problems, the industry is unable to fully finance the investments and that entails a drop in the geological prospecting, a deterioration of the resource base and a larger depreciation of basic assets, the report says. "The oil industry has stopped being a source of stable revenues of the federal budget and submerged into a crisis," Kalyuzhny noted. yer/dro * end of story *