Russian Oil Industry To Attract Some USD 20.6Bln Investment In 2016

Russian oil sector is expected to attract investments worth 1.4 trillion rubles (USD20.6 billion) in 2016, Russian Deputy Energy Minister Kirill Molodtsov said Tuesday.

“We expect that the total volume of investments will be about 1.4 trillion rubles this year, so we do not expect a fall [in the investments],” Molodtsov told the Rossiyskaya Gazeta newspaper, answering the question about the impact of oil prices on future investments in the industry.

He added that the industry had enough resources not to reduce their investment programs and to keep investment spending around the 2015 levels.

The ability of oil industry to maintain high investment levels was put into question as global oil prices plunged from USD115 to less than USD30 per barrel between June 2014 and January 2016, amid prolonged global oversupply and low demand. (PNA/Sputnik) FFC/SSC