Friday, 21 September 2012

Russia eyes UK funding for $1 trillion energy push


Russia is to step up its push for UK investment in its energy sector with meetings in London next month to showcase opportunities in the country.

Russian energy minister Alexander Novak said the meetings would form part of Russia’s plan to attract $1 trillion (£617bn) investment in oil, gas and power by 2020. He did not specify the potential investors but told Bloomberg the meetings would showcase investment opportunities as well as Russia’s energy companies.

“If it’s oil and gas, we’ll talk about offshore exploration and eastern projects and creating conditions to develop the fields, including breaks on extraction taxes and export duties,” Mr Novak said.

The comments came barely a day after Russian President Vladimir Putin met BP chief executive Bob Dudley to discuss “the continuation and broadening of BP’s presence on the Russian market, as well as prospects for cooperation with Russian companies”.

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