Report: Russian oil industry can develop without foreign investment

MOSCOW, Jun 7 (PRIME) -- The refusal of the largest global oil companies to invest in Russian projects was a great blow, but it will not prevent industry development, Lukoil CEO Vagit Alekperov told The Financial Times on Tuesday.

The official said that Russia has a well-developed technological potential, which means that some projects can be postponed, but there is still potential for normal growth.

The newspaper also said citing analysts that prospects of the Russian oil industry will depend on the export ability more than on the ability to continue production.

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