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Russia to 'declassify' some oil deposits: Kudrin

Written by: Staff

Moscow, May 4: Russia is planning to declassify some of its oil deposits and other minerals, in the next three years Russian Finance Minister Alexei Kudrin announced here.

Mr Kudrin told Interfax news agency that in all extraction sectors there was a certain level of reserves, which were classified, but some of them needed to be declassified and brought into circulation.

He said the declassification of a part of mineral resource reserves, will increase the capitalisation of Russian companies and the Russian market.

''The main thing is that it will let the world have a clearer picture of real mineral resources, including of oil and gas, which may have a positive influence on price stabilisation,'' he noted.

Mr Kudrin mentioned that the issue of declassifying part of reserves was related to Russian initiatives at G-8 meetings.

''When among key issues at the G-8 meetings, Russia proposed the need to set up a more transparent fuel market, this also relates to the need to have more exact information on world oil and gas reserves,'' he said, adding ''Therefore other countries should also take steps towards declassifying.'' On Russia's accession to the WTO, Mr Kudirn said it had to join it, but should only do so on acceptable terms.


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