Russia will have the peak of oil and gas revenues this year.
Photo: Yury Tutov
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Russia’s Oil, Gas Revenues to Peak This Year
Russia will have the peak of oil and gas revenues this year, Finance Minister Alexei Kudrin said, forecasting the decline to follow, RIA Novosti reported.
“Later on, even the growth in oil prices won’t set off the decline in oil and gas revenues resulted from the reduction of this sector’s share in GDP. Further appreciation of ruble may also drive down such revenues,” Kudrin said.
According to finance minister, the oil and gas revenues accounted for 8.8 percent of Russia’s GDP in 2007, while the 2008 revenues are estimated at 11.2 percent, and the figures of 2009 and 2010 will be 9.1 percent and 7.7 percent respectively.
The share of oil and gas revenues in the budget will be narrowing, Kudrin concluded, specifying that the growth in oil production will be behind the pace of economy. In absolute value, oil and gas revenues of the budget will equal 4.695 trillion ruble in 2009, but the amount will be 4.526 trillion ruble in 2010 and 4.637 trillion ruble in 2011.
www.kommersant.com
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