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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Alex who wrote (25784)	1/10/1999 2:23:00 PM
From: Enigma	Read Replies (2) \| Respond to of 116791

The point may have come when news of a decline in gold reserves points merely to a country in distress? We need some news (as always) about the countries which are actually buying gold. E

To: Alex who wrote (25784)	1/10/1999 4:20:00 PM
From: goldsnow	Respond to of 116791

Russia Oil Outlook Called Gloomy Sunday, 10 January 1999 M O S C O W (AP) RUSSIA'S OIL industry is no longer in a position to drive the economy forward, a top oil executive conceded. For years, the Russian economy has been dependent on the oil industry, which has provided the county with its largest source of foreign currency and has led to big deals with foreign partners. However, a drop in world oil prices last year sent Russia's economy reeling, ultimately contributing to the economic crisis that began in August, when the government effectively devalued the ruble and defaulted on foreign debts. Konstantin Potapov, vice president of the Sibneft oil company, said Saturday that the outlook for the industry remains gloomy, the ITAR-Tass news agency said. Speaking at a news conference in Omsk, about 1,400 miles east of Moscow, Potapov said Sibneft's output declined 4 percent in 1998 and its refining operations were cut back by 18 percent. He also said the company had suspended several projects with foreign partners. He said he saw no likelihood of stability in the industry in the next two years.