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2014-06-04 18:55:00

RUSSIA NEEDS $2.7 TRILLION

RUSSIA NEEDS $2.7 TRILLION

Russia will need $2.7 trillion investment in the energy sector in 2014-2035, the International Energy Agency has said in its World Energy Investment Outlook-2014 newsletter.

The gas industry will grow faster than the rest of the sector so investment in this industry is likely to amount to $1.016 trillion, according to the report as cited by RBK. Of this, $715bn will be spent on exploration and production and $301bn on transportation. The oil industry will need $849bn. Of this, $750bn is to be spent on development, $70bn on processing and $28bn on transportation, said the IEA. The power sector will need $614bn, including $49bn for the coal sector.

Over the next 20 years, investment in the Russian oil and gas industries alone is to amount to $2.086tn, according to the forecast. This translates into $104bn per annum. 

oilandgaseurasia.com

Tags: RUSSIA, OIL, GAS

Chronicle:

RUSSIA NEEDS $2.7 TRILLION
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S.KOREA'S DIVERSIFICATION

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ADNOC'S 2030 STRATEGY

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TOSHIBA SELLS WESTINGHOUSE

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OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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