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10/01/2014
15:48
Oil production in Russia up 4.5 million tonnes to 523.2 million tonnes in 2013

In 2013, Russia increased oil production by 4.5 million tonnes to 523.2 million tonnes, as stated by Russia's Minister of Energy Alexander Novak during his working meeting with President Vladimir Putin, according to the transcript published on the Kremlin website.

"This means that we have reached record-high indicators last year, ones that have not been seen since the 1990s," A. Novak said.

The oil production growth was driven by the amendments made in 2013 to tax legislation, stimulating the development of new oil deposits including offshore fields, and stranded oil reserves, the Minister commented.

The oil refining output in 2013 increased by ca. 3% against 2012 reaching a historic high of 278 million tonnes, the Minister added

"AK&M", 10.01.2014

 

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