05:43 GMT +323 October 2017
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    THE STATE SHOULD CONTROL OIL PRODUCTION VOLUME

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    MOSCOW, April 7 (RIA Novosti). The state should control oil production volume, Transneft Vice-President Sergei Grigoryev said Wednesday. "We should do what most countries do where the state controls oil production," he said. "We should decide how much oil Russia needs annually, or else we will export too much and eventually become an oil importer." The vice-president noted that oil companies benefit from increasing oil production and export. "But will this benefit the state in the long run? I think not." "Oil production in Russia has been growing by 10% every year and we deliver everything we produce to the consumers, despite the rumour to the contrary," said Grigoryev.

    This year, Transneft will increase its oil exports from 207 mln tons (2003) to 240 mln tons. "It can be said now that we need a new project that will allow us to expand out capabilities, though they cannot be expanded endlessly," said the vice-president. "In my opinion, all companies of Russia's energy complex should comply with the energy strategy elaborated until 2020. However, we will reach the 2010 oil production figures stipulated in the strategy already this year (in expert opinion, Russia will produce 440 mln tons of oil by the end of this year)."

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