Source Pravda.Ru

YUKOS head on Russia's economic growth - 27 March, 2003 - News

Russia's economy will stop growing at the cost of the oil sector in the first half of 2003, YUKOS head Mikhail Khodorkovsky declared at the conference "The Strategy of Russia". He declared that in 2002 revenues of the Russian oil sector amounted to $57bn, while different taxes amounted to $22bn, $15bn were production expenses, $9bn were transportation expenses and $10bn were capital investments.

Khodorkovsky believes that it is necessary to increase oil production from the current 380m tons to 500m tons per year, decrease transportation expenses (by 30 percent, in the event new oil pipelines are constructed) and launch new technologies. According to him, it is necessary to sell about 1bn tons of oil reserves per year at tenders. He thinks that in 2004 oil prices will return to their "normal levels" ($20-23 per barrel for Brent oil and $18-21 per barrel for Urals oil). At the same time, the Russian budget could lose about $6bn and the GDP about $15bn, if the proposed measures are not taken.

© &to=http://www.rbc.com' target=_blank>RBC

Comments
The Netherlands and Australia officially accuse Russia of downing MH17 over Donbass
Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
The Netherlands and Australia officially accuse Russia of downing MH17 over Donbass
Attempts to blame Russia for MH17 disaster continue zealously
Attempts to blame Russia for MH17 disaster continue zealously
Skripals fall under heavy British pressure
Skripals fall under heavy British pressure
The Netherlands and Australia officially accuse Russia of downing MH17 over Donbass
Ukraine's exit from Commonwealth of Independent States will affect common Ukrainians most
Russian air defences ready to shoot down NATO drones and reconnaissance aircraft over Crimea
Russian air defences ready to shoot down NATO drones and reconnaissance aircraft over Crimea
Russian air defences ready to shoot down NATO drones and reconnaissance aircraft over Crimea
Russian air defences ready to shoot down NATO drones and reconnaissance aircraft over Crimea
Elon Musk and a Truth called Pravda
Attempts to blame Russia for MH17 disaster continue zealously
Attempts to blame Russia for MH17 disaster continue zealously
Skripals fall under heavy British pressure
Iran's next moves on nuclear deal much more important - Kremlin
Russian air defences ready to shoot down NATO drones and reconnaissance aircraft over Crimea