Rustam Minnikhanov about prospects of the oil industry: "We have to be proactive today"

On July 9, answering journalists’ question after a traditional annual meeting with heads of oil companies, Interim President of the Republic of Tatarstan said that given the fact that hydrocarbon reserves are becoming more difficult to extract, and new technologies and investments are needed greatly, we need more support from the state.

It should be reminded that the event has been held annually in Tatarstan since 2001 and is unofficially called “the oil summit".

The oil summit 2015 was held in Karabash township in Bugulma district of the republic. Before the summit, its participants and guests had got acquainted with the advanced technology and equipment displayed at the mobile exhibitions.

"Over the last years much has been done in the country to support the oil industry. And given the fact that hydrocarbon reserves are becoming more difficult to extract, and new technologies and investments are needed greatly, we need more support from the state. This includes tax incentives and other things. We have a few suggestions, which we have already stated and the Ministry of Energy and Ministry of Finance of Russia have supported us in this regard. If we do not invest now in new technologies and are not ready to develop hard recoverable reserves, after a while, we may find ourselves in a difficult situation. Today we must be proactive," Minnikhanov stated.