Russia plans to develop new oil deposits

March 23, 2009 at 9:44 AM
Sign up for our Energy Newsletter

MOSCOW, March 23 (UPI) -- Russia is working to develop new oil and natural gas reservoirs and new infrastructure, including a pipeline to the Pacific Ocean.

Work on the Pacific pipeline between Russia and China is set to begin in April, Itar-Tass reports.

Russia will "develop new deposits which will be aimed at winning a foothold on other sales markets … to remove a redundant volume from traditional markets, which do not permit now our companies to work efficiently," Deputy Prime Minister Igor Sechin said.

Other plans for infrastructure include the Nord Stream and South Stream pipelines.

"The interruption with deliveries to Europe last January showed the need for diversification," Sechin said.

The plans suggest Russia's economy will continue to rely on oil and gas for the next 15 to 20 years.

Related UPI Stories
Topics: Igor Sechin
Latest Headlines
Trending Stories
Ted Cruz campaign pulls ad featuring softcore porn actress
Report: Clinton Foundation subpoenaed by State Dept. watchdog over charity projects
Ruby Rose, Gigi Hadid react to Kanye West's lyric about Taylor Swift
Kristen Wiig impersonates Peyton Manning on 'The Tonight Show'
NYC police officer found guilty of manslaughter in Brooklyn stairway shooting