Russia intends to sharply increase exports of oil and natural gas to the Asia-Pacific region over the next 14 years to meet soaring demand there, the government daily Rossiikaya Gazeta quoted Industry and Energy Minister, Viktor Khristenko, as saying.

In an interview with the state media published Wednesday, Kristenko said Russia is planning a sharp boost in oil and gas exports to the countries of the Asia-Pacific region by the year 2020.

Khristenko predicted that Asian countries would consume more and more energy in the foreseeable future while Western countries would continue to seek to regulate or cut back on energy consumption.

Aimed at long-term supply to Asian consumers, developments are under way with huge oil and gas deposits on the Sakhalin shelf and near the Kamchatka peninsula, along with new petroleum resources in eastern Siberia, according to the official.

Khristenko said Russia was also interested in joint development of hydroelectric power and atomic energy in Asia where an appetite for oil and gas is surging.

His comments came less than a week after Prime Minister Mikhail Fradkov said in Hanoi that Russia was ready to help build a major dam and a nuclear power plant in Vietnam.

Source: Xinhua