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6 Jul, 2007 06:54

Clear energy policy is developing: Russian Tycoon

The Russian energy tycoon, Viktor Vekselberg, has hit out at state energy monopolies by claiming that private companies bring unique knowledge to the market.

He also outlined plans for TNK-BP in the wake of losing the massive Kovykta gas field to state gas monopoly Gazprom and his position on the state energy monopolies.

He said TNK-BP expects to invest more than $US 5 BLN this year alone, in new upstream and downstream projects but also expanding abroad.

“We see a clear policy developing in Russia's energy sector, with big state monopolies Gazprom and Rosneft on the one hand, and private companies such as TNK-BP on the other. We feel various forms of ownership should exist competing with each other to attract new technologies to develop more complicated oil and gas fields. Importantly, there must be a level playing field. As for our $US 3BLN of joint ventures with Gazprom, we are drawing up a list of potential projects. One of the first is our underdeveloped Rospan gas field subsidiary in Russia's far North,” stated Viktor Vekselberg.