Russia plans to invest up to 60 trillion roubles ($1.9 trillion) in its energy sector by 2030 in a drive to boost stagnanting oil and gas output, two sources in the government said on Wednesday.

They said Asian markets would increase their share of Russia’s energy
export volumes to 25 percent by 2030 from only 6 percent today.

“Europe’s share is set to decrease, although volumes will be rising,” one of the sources said on condition of anonymity.

Energy Minister Sergei Shmatko said Russia’s Energy Strategy-2030 plan
would be revised on Thursday at a government meeting presided over by
Prime Minister Vladimir Putin. He gave no further details.

One of the government sources said the plan foresaw an increase in
Russian oil output to 530-535 million tonnes by 2030 from 481.1 million
tonnes in 2008. Natural gas output would rise to 880-940 billion cubic
metres from 665 bcm last year, he said.

For this, the authorities plan to set aside a total 60 trillion roubles, or 5.0-5.5 percent of gross domestic product each year.

Energy exports contribute a large share of Russia’s budget, but oil output fell last year for the first time in a decade.

Source: Reuters

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