Russian News: June 27th, 2008!

RBC, 27.06.2008, Khanty-Mansiysk 12:42:41.There are no big problems in Russia-EU relations that cannot be resolved, Russia’s Economy Minister Elvira Nabiullina said in Khanty-Mansiysk today. At the same time, Nabiullina added that the parties had a few differences in particular sectors, which needed to be discussed.

RBC, 27.06.2008, Moscow 12:18:47.Gazprom plans to send its European partners a proposal to work out a project for the creation of a joint gas station chain in Europe, the Russian energy holding’s CEO Alexei Miller said during today’s annual shareholders meeting.

RBC, 27.06.2008, Moscow 11:59:48.Gazprom has upgraded its natural gas production forecast for 2008 to 563bn cubic meters, an increase by 14.4bn cubic meters compared to the previous year, the Russian energy holding’s CEO Alexei Miller said during an annual shareholders meeting today. The company originally announced that it planned to produce 561bn cubic meters of gas this year. Miller also noted that Gazprom’s gas output reached 246bn cubic meters in January-May 2008, up 6.3bn cubic meters against the same period of 2007.

RBC, 27.06.2008, Moscow 10:58:02.Gazprom plans to increase annual investment in geological surveys 2.5 times to RUB 70bn (approx. USD 2.98bn) in Russia alone in 2008-2010, the energy holding’s CEO Alexei Miller said during an annual shareholders meeting today. Annual investment is expected to reach roughly RUB 90bn (approx. USD 3.83bn) until 2020. Miller reiterated that the company had raised its natural gas reserves by 592.1bn cubic meters thanks to conducting geological surveys in 2007. Therefore, Gazprom’s reserves grew more rapidly than gas production for three years running, in contrast to other global gas companies that did not even hit a 90-percent reserves replacement ratio.

RBC, 27.06.2008, Khanty-Mansiysk 09:33:49.President of Russia Dmitry Medvedev will open the Russia-EU summit in Khanty-Mansiysk. The summit will also be attended by European Commission Chairman Jose Manuel Barroso, Secretary General of the Council of the European Commission Javier Solana, Prime Minister of Slovenia which currently chairs the European Union Janez Jansa. During the top-level meeting, Russia-EU talks over a new strategic cooperation agreement will be opened, and after the summit the participants will hold a joint press conference.

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 VNIIGAZ, a Gazprom subsidiary, said during the sixth Petroleum and Gas Congress in Moscow today. However, Yakhushev stressed that the volume of the reserves depended 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.