Mining Industry of Russia - Mineral Resources - Mineral Fuels and Related Materials

Mineral Fuels and Related Materials

See also: Energy policy of Russia

Projections of Russia’s fuel production are based on the country’s Energy Strategy for Russia for the Period up to 2020 issued in 2003 by the Ministry of Energy of the Russian Federation. This strategy envisions three potential scenarios: optimistic, moderate, and critical. The optimistic scenario is characterized by the growth of GDP at the rate of 4.7% to 5.2% annually, by a sevenfold increase of investment in fixed capital for this period compared with the 2000 level, and by high world prices for oil and gas. The oil prices envisioned by this strategy in 2003, even for the optimistic scenario, were about one-half of the 2005 oil prices. The moderate scenario is characterized by a GDP growth of 3.3% to 3.4% annually to 2020, an increase of investment in fixed capital by 3.6 times, and fixed prices for oil at a little more than one-half of the optimistic scenario and gas prices about 20% lower than in the optimistic scenario. The critical scenario is characterized primarily by low world oil prices.

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