RusEnergy

MOSCOW, March 25 (RIA Novosti) - In 2004 the total sum of investments in Russia's oil refining sector amounted to 29.2 billion rubles (just over $1 billion), head of the Federal Energy Agency (Rosenergo) Sergei Oganesyan stated in the speech he made in the course of the Round Table meeting Oil and Oil Products of Russia: Export Potential, Investments and Innovations. According to Mr. Oganesyan, the investments in Russia's oil refining sector must run into 131 billion rubles by 2010. The head of Rosenergo noted that last year the volume of oil refining at Russia's oil refineries reached 195 million metric tons, the installed capacities amounting to 263 million metric tons. The volume of oil refining in 2005 is expected at the level of 197 million metric tons. Mr. Oganesyan noted that on the whole all Russian oil companies, except for Bashneft, boast a growth of output. Speaking of oil export, he recalled that in 2004 Russian oil export ran into 189 million metric tons, and must amount to 332 million metric tons within the Energy Strategy by the year of 2020. Mr. Oganesyan specially stressed that "no small financial resources" will be needed for the development of transport infrastructure, and recalled that it is envisaged to develop the capacity of the Baltic Pipeline System to 60 million metric tons. He recalled that, besides that, a very important decision on beginning the construction of the Taishet (Eastern Siberia) - Nakhodka (100 km east of Vladivostok on the Sea of Japan) had been taken. "A decision to build the oil pipeline Western Siberia - Barents Sea coast is expected to be taken in the immediate future," Mr. Oganesyan said. Speaking of the construction of the Burgas-Alexandroupolis oil pipeline with the participation of Bulgaria and Greece, Mr. Oganesyan said, "The talks are continuing here." At the same time he noted that this oil conduit is the direction round the Black Sea Straits, which is the most acceptable for Russia. The Rosenergo head also noted that it is necessary to adopt a number of laws, which would establish "the rules of play for oil workers and which would not change" (a law on oil and gas, on concessions). Mr. Oganesyan stressed the importance of adopting the law On Mineral Resources. "We hope that it will be submitted to the State Duma shortly. There are very many positive elements in it, in spite of criticism," the official said.