Russia’s dependencå on foreign oil, gas equipment falls to 52%

ST. PETERSBURG, Dec 4 (PRIME) -- Russia’s dependence on imported oil and gas equipment has fallen to 52% from 60% in 2014, Industry and Trade Minister Denis Manturov said on Monday during a forum.

“Dependence on foreign technologies is falling faster than we’ve expected…The level of dependence on the oil and gas equipment amounted to 60% in 2015, and today it stands at 52%, while we expected it to fall to 55%,” he said.

The government provided support measures to imports substitution. “Today four investment contracts aimed at production of oil and gas equipment that was not produced in the country previously are being implemented. Besides that, 26 top priority projects in the sphere of imports substitution have received financing through subsidization of research and development,” he said.

The fund for industry development also provided loans for 14 similar projects. In the sphere of shelf development, Russian companies “have created prototypes of seismic exploration equipment,” he added.

End