Thursday July 13, 2006 
Thursday July 13, 2006
Russia has the world's largest proven natural gas reserves - though these are largely undeveloped - and significant oil reserves. The economy is heavily reliant on energy exports, with 2005 being a particularly successful year due to high world oil prices. President Vladimir Putin has said that Russia's ambition is to become the world leader in the energy sector.
Oil production grew by 2.7% in 2005 to 9.44m barrels per day (bpd). Russia exports around 5m bpd of crude oil and 100m tonnes of refined products. The gas sector in Russia is dominated by state-owned company Gazprom. Production of natural gas increased by 1.13% in 2005 to 640.634bn cubic metres, while exports increased by 8.04% to 152.478bn cubic metres.
After a 20-year lull following the Chernobyl disaster, Russia announced ambitious plans for new nuclear facilities. Russia is set to increase the proportion of its energy that is nuclear-generated from the current 16% to 25% by 2030 and build at least 40 new reactors.
See also :
1. BBC coverage - G8 in Russia
2. Russia plans atomic energy expansion
(2006-07-13 13:28:24 SGT)
[Energy]
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