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    Russia to raise oil output 8-20% by 2030 - paper

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    Oil production in Russia will grow by 8-20%, and natural gas by 42% by 2030 in line with Russia's draft energy strategy, business daily Vedomosti reported on Tuesday.

    MOSCOW, November 11 (RIA Novosti) - Oil production in Russia will grow by 8-20%, and natural gas by 42% by 2030 in line with Russia's draft energy strategy, business daily Vedomosti reported on Tuesday.

    The draft, prepared by several research institutes and the Energy Ministry, will be submitted to the government in January after discussions and approvals.

    In August the Economics Ministry set a task of ending the economy's dependence on raw material exports by 2020.

    Currently fuel and energy accounts for about 30% of Russia's GDP, 50% of budget revenue, and 64% of foreign currency receipts, the paper said.

    Under the draft strategy, the sector's current share of GDP will remain unchanged until 2012. This will be a period of the "quantitative" build-up of investment and resources to create potential for the economy's transformation, the paper said.

    For 2013-2020, the government plans a period of intense investment and innovation. During this period, the share of the fuel and energy complex in national GDP will drop to 25%, the paper said.

    The period from 2020 to 2030 will see the economy's transition to innovation and environmentally friendly and efficient power engineering; the share of the fuel and energy complex is expected to contract to 18% of GDP, the paper said.

    The draft strategy pledges incentives to boost growth in private investment, as well as foreign capital and technology, which are expected to grow at least 5% in 2008-2012 and 12-15% by 2030, the paper said.

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