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Friday, June 05, 2009

Tycoon Vekselberg calls for major investment in Russian oil

Viktor VekselbergST. PETERSBURG, June 5 (RIA Novosti) - The lack of major investment in the development of new Russian oil fields in the mid-term could increase the prime cost of domestic production and affect global oil prices, a billionaire co-owner of TNK-BP said on Friday. "Unless we invest large sums in the development of new fields in East Siberia, Yamal and the Arctic, in a certain period we will see the prime cost of oil production in Russia hike, which could affect the situation on the global market," Viktor Vekselberg said during discussions on oil prices at the St. Petersburg International Economic Forum. He also voiced support for the idea of establishing transparent mechanisms for selling oil globally. "We should think about the influence of the dollar/ruble exchange rate," Vekselberg said.

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