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Shell sees growing opportunities in Russia -paper

Reuters: Shell sees growing opportunities in Russia -paper

Mon Apr 7, 2008 3:47am EDT

AMSTERDAM, April 7 (Reuters) – Anglo-Dutch oil major Royal Dutch Shell (RDSa.L: Quote, Profile, Research)sees increasing opportunities in Russia despite growing state control of the energy sector, a Dutch paper quoted Shell’s head in Russia as saying on Monday.

Russia will have to increasingly call on Western technology and expertise to fully exploit its oil fields and meet growing domestic and foreign demand, Het Financieele Dagblad cited Shell’s Chris Finlayson as saying.

“In the coming 10 years, Russia must do a lot of catching up in offshore oil production in remote, environmentally sensitive and ice-covered areas the size of the North Sea,” Finlayson was quoted as saying.

“This offers us new chances. Russia is striving for national control over the energy sector, but that doesn’t mean that there are no opportunities for foreign oil companies.”

Last year, after a long campaign of government pressure, Shell and its partners sold a 50 percent stake in the Sakhalin-2 oil and gas project off Russia’s east coast.

(Reporting by Catherine Hornby; editing by Sue Thomas)

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