UN, Russian ministry approve bill on new resource classification

MOSCOW, Oct 3 (PRIME) -- Russia’s Natural Resource and Environment Ministry and the U.N. have approved the first document that will bring the country’s classification of oil and gas resources closer to the U.N. classification, the ministry said in a statement Monday.

This document has become the first document that has tied the U.N. framework classification with a national system. The next phase of cooperation between Russia and the U.N. includes development of projects for approbation of the linking document, and also the launch of work on a linking document on solid minerals, the statement read.

Russia switched to a new hydrocarbon reserve classification system from January 1, 2016. The classification defines principles for calculation and estimation of resources of oil, gas and gas condensate. The U.N. framework classification is applicable to all mineral resources, including coal, gas, oil, uranium and renewable energy sources.

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