Beware Russia Is Growing – While you are looking the other way!

Looks like Europe will be Gas King!

RBC, 26.06.2008, Moscow 16:38:47.Russia’s natural gas reserves may grow to 700 trillion cubic meters, Vladimir Yakushev, the deputy head of the Gas Resources Center of on Russia’s scientific and technical progress. If the reserves reach 700 trillion cubic meters, then this would be enough for 500 years of domestic use and for 100 years if global demand is taken into account, Yakushev said. He added that the forecast allowed for gas consumption growth.

Russia’s proved gas reserves currently amount to 248.6 trillion cubic meters.
RBC, 26.06.2008, Moscow 13:59:07.Russia’s gold and currency reserves stood at $558.7bn as of June 20, up $7.2bn, or 1.3 percent, from the previous showing. Combined with a $70.5bn rise over the previous 18 weeks, reserves have climbed a total of $77.7bn, or 16 percent, in 95 working days. The rapid increase in reserves can be attributed to the euro’s significant advance against the dollar on international exchanges, as well as a stepping-up in the Central Bank’s purchases of foreign currency on the domestic market. As a result, Russia has somewhat narrowed the gap separating it from China and Japan, the global leaders in terms of reserves, which exceed $1.75 trillion in China and amount to roughly $1.015 trillion in Japan.

I have watched for over two years now. I do not see an end to growth…..

Kyle & Svet

comments always welcome.