Source Pravda.Ru

Moscow needs over 200 bln roubles to reconstruct Russian gas transportation system by 2006

In order to reconstruct its gas transportation system by 2006 Russia will need more than 230 bln roubles, Leonid Tropko, 1st Deputy Energy Minister, said on Tuesday at the 2nd International Pipeline Forum.

According to the official, Russia's gas transportation system is one of the most efficient in the world, however its assets are 50% worn out. Consequently, it will be impossible to provide transportation of the volumes of gas, planned in the Russian Energetic Strategy, unless the reconstruction of the gas transportation system is fully financed, Tropko underlined.

Another important task that Tropko mentioned is to diversify southward and eastward exports, which will increase gas exports significantly.

In his speech at the forum Yevgeny Lavrentyev, 1st Vice President of the Stroitransgaz joint stock company, stressed the importance of gas markets in the Asian-Pacific region too. According to him, to retain the markets it is necessary to develop both oil and gas transportation systems in the east of the country. This will curtail expenses on the construction of a pipeline infrastructure by 30%, Lavrentyev pointed out.

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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