Business Watch
MOSCOW—Russia's oil exports could plunge in the coming decades as the U.S. ramps up output of shale oil, a group of government-linked experts said, in an unusually frank admission that the North American energy boom poses a threat to Russia's hydrocarbon-fueled economy.
MOSCOW, April 10 (Reuters) - The Russian Finance Ministry has proposed increasing taxes on oil production by 5 percent next year if it fails to get approval for other measures to raise revenue, officials said on Wednesday.
MOSCOW, April 10 (Reuters) - Russia's fourth-largest oil firm Surgutneftegas plans to keep its crude output and investments stable in the years ahead to maximise the lifespan of its reserves, the company's head was quoted as saying on Wednesday.
Russian shares rebound from a four- month low as crude oil, the nation’s chief export earner, increased and consumer stocks advanced.
OAO Transneft is ready to study bringing Russia’s oil pipeline network to the Arctic offshore as OAO Rosneft and Exxon Mobil Corp. (XOM) search for crude in the ice- bound Kara Sea.
Extending a northerly Siberian pipeline to the Taz Bay to take on Arctic offshore oil could be an option, said Igor Dyomin, spokesman for Russia’s state-run oil pipeline operator. While oil needs to be discovered first, the plan could offer an alternative to export by ship, he said.
Rosneft is a partner of the largest international industrial expo “Hanover Messe 2013”, which takes place in Hanover on April 8-12. The theme of the expo is “Integrated industry”, and it gives the participants an opportunity to demonstrate new ways in production development and speed up the process of hi-end technologies implementation. Russian exhibition stand is presented within the framework of the project “Russia as a partner country”.