Source Pravda.Ru

US oil giant plans to invest in Russia

One of the world's largest oil corporations, ChevronTexaco, intends to invest up to $10 billion in Russia. The news was announced in a statement from the Russian Industry and Energy Ministry, Izvestia reports. Last Friday, Energy Minister Viktor Khristenko met the US company's CEO, David O'Reilly. The meeting passed inconspicuously, but the results are a good example of the new rules that are to be applied to the Russian oil business from now on. Decisions are to be made by investors and the government, and then the government will make the relevant announcement. So far, Chevron's presence in Russia has been a modest (in energy terms) one billion dollars invested in the Caspian pipeline consortium. An even more modest $50 million, which was invested in a production sharing agreement with ExxonMobil in Sakhalin 3, was lost after a government committee annulled the results of a 1993 tender in January 2004.

The international investment community simply wants to see oil companies doing business in Russia, Izvestia points out. The Russian government does not oppose this. As Khristenko emphasised at the meeting, doubling the country's GDP would be impossible without foreign investment. According to him, efficient use of this investment (particularly ChevronTexaco's) could positively influence not only the fuel and energy sphere, but also the Russian economy on the whole.

ChevronTexaco's official reaction reads as follows, "We are considering the possibility of investing from $5 to 10 billion in the Russian energy sphere as soon as we have the opportunity." The opportunity may appear very soon, the newspaper points out. Moreover, there could be many of them. The first real one will be in the third quarter of 2004 when the government will sell 7.59% of its shares in LUKoil.

More than 5.8 million people voted for Nicholas Maduro at the presidential election in Venezuela. This is more than a quarter of registered voters. Why did those people vote for the man, who, as Western media write, took Venezuela to the brink of collapse?

Venezuela may expect another Panama scenario from 1989
Comments
Ukraine's exit from Commonwealth of Independent States will affect common Ukrainians most
Kremlin on failed nuclear missile tests: 'Listen to President Putin and believe him!'
Ukraine's exit from Commonwealth of Independent States will affect common Ukrainians most
Ukraine's exit from Commonwealth of Independent States will affect common Ukrainians most
Russian Navy admiral says Russia will torpedo US warships, if need be
Russian Navy admiral says Russia will torpedo US warships, if need be
USA sanctions Russian oligarchs and heads of state-run companies
Ukraine's exit from Commonwealth of Independent States will affect common Ukrainians most
USA sanctions Russian oligarchs and heads of state-run companies
USA sanctions Russian oligarchs and heads of state-run companies
USA sanctions Russian oligarchs and heads of state-run companies
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
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
British football fans spineless to unleash World War Three in Russia during World Cup
Russian air defences ready to shoot down NATO drones and reconnaissance aircraft over Crimea
British football fans spineless to unleash World War Three in Russia during World Cup
Beautiful and terrifying: Russia shows video of Bulava ICBM underwater salvo launch