Source Pravda.Ru

Russian economy's power intensity must decrease by 100 per cent by 2020

Power intensity of the Russian economy must decrease by 100 per cent by 2020, Russian Premier Mikhail Kasyanov stated, when opening a governmental meeting to discuss Russia's energy strategy for the period till 2020.

"This is a serious task," the head of the government confessed.

According to Mr. Kasyanov, the pace and the character of energy saving in the economy will result in fair pricing.

The Premier recalled that energy was a basis and a key factor for development of any industrial sector. According to Mr. Kasyanov, the fuel and energy complex itself is a serious source of economic growth, as Russia exports and will continue to export its energy resources.

"Our main task in the medium-term perspective implies creation of such market conditions that will ensure development of the processing sectors without decreasing the growth rate in the fuel and energy complex," the Premier stated.

For this purpose, some of the complex's industries have already launched reforms in order to modernise the capacities, replace the state by private investor and increase the efficiency of state involvement where needed, he stated.

The need to develop Russia's energy strategy appeared as early as a year ago, the head of the government stated. According to him, all forecasts that have been made before need reviewing in connection to active development of the fuel and energy complex. The growth rate in the sector have recently exceeded 10 per cent, while the output have been significantly larger than the one forecasted in the late 1990s, Mr. Kasyanov added.

The Basmanny Court of Moscow arrested Michael Calvey, the founder of Baring Vostok investment fund, on allegations of embezzling 2.5 billion rubles from Vostochny Bank. Calvey will be held in custody until April 13

Putin informed about arrest of US investor Michael Calvey
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