September 16, 2008

Russia Interested in Asset Crossholdings With Leading Energy Concerns – Sechin

VIENNA. Sept 10 (Interfax) - Russia could be better integrated in the global market by way of asset crossholdings with leading global energy concerns, said Russian Deputy Prime Minister Igor Sechin.

"Russian oil and gas companies are an organic part of the global hydrocarbon industry not only as suppliers of mineral resources and their derivatives. We are interested in deeper integration in the global market through cross ownership of assets with the leading global energy concerns. By the way, this approach makes it easier to solve transit problems," Sechin said speaking at the 149th ordinary meeting of the OPEC Conference in Vienna on Tuesday.

"Investments in the Russian oil extraction sector in the past several years have proven to be highly efficient," Sechin said. "The foreign share in the capitals of Russian oil and gas companies reaches 25%," he said.

"Is this not an example of our openness? But we also expect appropriate reciprocity from our foreign partners," he said.

"Russian producers have won the reputation of reliable suppliers of mineral resources and value it," Sechin said. "We are increasing the volume of hydrocarbon sales and forming new export destinations. We are stepping up the development of promising oil provinces in East Siberia and the continental shelf. The construction of a trunk pipeline toward the Pacific Ocean has been started. Its first phase will be launched next year," he said.

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