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The energy industry has outstanding meaning for the Russian economy, in particular because Russia has large occurrences at oil and natural gas, whose deliveries exceed the domestic need far.
With the oil Russia was 2004 to Saudi Arabia world-wide second largest producer and exporter. Approximately 55% of the crude oil promotion were exported, including the export of petroleum products went to 73% of the crude oil promotion abroad.
With the natural gas Russia as a producer and exporter lay in the international comparison with distance in the first place. Approximately 30% of the natural gas extraction were exported.
Beside oil and natural gas Russia has also important occurrences at coal and uranium and has various possibilities for the use from water power to the production of river.
The energy industry, which contributes a quarter roughly approximately together with the remaining raw material sectors to overall economic production, has crucial influence on the overall economic development of Russia. In particular to the receipts from exports and the public revenues it makes high contributions. This means at the same time that Russia is dependent on the energy sector to a considerable degree, in particular from the development of the oil price.
The Russian guidance sees the energy industry as one "to strategically important "industry - to the safety device of the domestic power supply, in addition, because energy-industry decisions, e.g. over the building of pipelines, when instruments with regard to foreign policy can be used. In the last years it strengthens its efforts to recover influence possibilities which it lost by the privatisation - in particular within the oil range -. The market position of the energy enterprises remained in the state property is to be developed, be more strongly directed and controlled private enterprises.
After the collapse of the Soviet Union decreased/went back also the Russian power production, in particular the oil and coal production, drastically for many years.
The production of oil halved itself high point to center of the 90's, reached by their end of the 80's, nearly. In the second half of the 90's it stagnated with well 300 million tons per year. Since that time it rose owing to drastically increased investments and the employment of modern technologies in meanwhile to a large extent denationalized oil enterprises until 2004 around approximately half. The rapid rise of the oil price created for it the financial basis.
The production of coal, which broke in just as strongly as the oil production of approximately 400 million tons in the 80's on only 233 million tons in the year 1998, is also not more declining since then, recovers however many slower than oil production. Russian coal has however for the international energy market also by far smaller meaning than Russian natural gas and oil, since with consideration of the Russian coal imported goods a tenth of the is exported only approximately net.
2004 increased the production of fuels by altogether 7.1%. After sources of energy the following increases resulted:
2005 slowed down the increase in production within the fuel range however strongly. The decrease was particularly obvious during the oil promotion. With approximately 470 million tons it lay over only around approximately 2.5% over the previous year level. The natural gas extraction rose only around approximately 1%.
The production of electric current grows since 1999 likewise again.
With oil, natural gas or coal claimant thermal power stations placed approximately 63% of the entire current production of approximately 851 billion kilowatt-hours to 2003. To hydro-electric power plants were allotted 21%, to nuclear power stations 16%.
The Russian government plans to double the portion of the nuclear energy of the generation of current until 2020 on for instance a third in order to be able to export still more oil and natural gas.
Russia has with approximately a third of the world-wide natural gas reserves in the international comparison with distance the highest surely profitable natural gas reserves. Russia will therefore take also in the future a prominent position in the world natural gas trade.
The surely profitable of Russia are not internationally of so outstanding importance. They constitute "only "approximately 5% of the world-wide reserves. Future increases of oil production, on which some prognoses according to at least still until approximately 2015 is to be counted, might be able to flow however to a large extent into the export and so further to the covering of the increasing world-wide demand to contribute be able. Mineral oil consumption inland will presumably rise despite strong economic growth and rapidly increasing motorizing due to the large saving possibilities hardly. It already hardly increased during the past phase of the production recovery since center of the 90's, but stagnates on pressed level approximately.
Russian oil production might increase in the future however clearly less strongly than in the last years. Also the oil exports will presumably more slowly grow, after they were doubled in the last 5 years nearly. Russia covered thereby a large part of the growth of the world-wide oil consumption. Its portion of the world-wide oil exports rose. Central and on a long-term basis this portion might sink however again, while the weight OPEC states, which have substantially higher reserves, in the world-wide oil trade will increase.
According to data of the Russian statistics authority Rosstat enterprises, which were active in the range of the promotion of raw materials, contributed thus in particular the oil and natural gas promotion enterprises, 2004 only 7.7% to overall economic production, the gross domestic product (GROS DOMESTIC PRODUCT). In contrast to this altogether scarcely 60%, among them to the Handelsbereich alone 21.3% were allotted to the handels and service sector.
According to estimate of the World Bank the official statistics might prove the portion of the raw material sector however too low and the portion of the trade too highly, since the Russian raw material companies shift creation of value from the raw material range by application of internal sliding average prices on the Handelsbereich - in particular around taxes to save. The World Bank estimates that a quarter of overall economic production is placed actually approximately by the raw material sector.
Since end of the 90's the overall economic meaning of the energy industry with the strong recovery of the oil promotion and the approximate duplication of the oil exports continued to rise with rising oil prices.
The portion of the export of sources of energy and electricity of all proceeds from export over the borders of the community of independent States of, GUS, outside reached again approximately 58% according to data of the Russian customs authority 2004.
Also the development of the Russian finances of the state depends to a considerable degree on the taxes and deliveries of the energy sector. The present high surplus in the Russian national budget is to be owed to the oil prices risen strongly.
The foreign exchange flowing plentifully owing to high proceeds from the energy export brings the Russian money and rate of exchange politics into conflicting aims. If the central bank tries to absorb the revaluation roubles by the buying up from foreign currencies to in order to avoid so an all too rapid degradation of the concerning the price competitive ability of Russian enterprises on the world market, the money supply and thus the inflation potential rise. Some observers mean that the competitive ability of Russian industries is already impaired outside of the energy industry by the current revaluation, Russia at the so-called "Dutch illness "suffer.
To the precaution for an oil price purge the government beginning established "stabilization funds to 2004 one ". Philosophy of the fund is that the expenditures are to correspond to the Russian government an oil price of 20 $. Incomes, which flow to the state due to a higher oil price, are to be stopped into the fund. If the oil price sinks under 20 $, the national expenditures are to be stabilized by the withdrawal by means from the fund.
At the yearly beginning 2005 the fund covered about 522 billion rouble (about 19 billion $). Thus legally necessary minimum stocks are exceeded of 500 billion rouble, starting from which means may be inferred from the fund for general household expenses. 500 billion rouble (about 18 billion $) corresponds however presumably only scarcely to 3% of the Russian gross domestic product of this year. The OECD and the European bank for reconstruction and development (EBRD) demand higher minimum stocks. At the end of of 2005 might presumably reach the fund an existence of approximately 50 billion $.
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