Novak: Russian companies coping with low oil prices

 

Russian oil and gas producers have overcome the difficulties caused by low oil prices, the head of the Ministry of Energy Alexander Novak said.

"Russian oil production increased by 1.2 percent in the first five months of the year," he said, noting that they also increased exploratory drilling.

"In other words, the price crisis has not affected production volume at Russian energy companies. Our oil and gas companies have survived the challenges brought on by the low price of oil," Novak said.

"But if projects that mostly involve European companies are to be obstructed, it's nothing but political intervention," he stressed.

Anti-Russian "sanctions even benefit our industry, because we now fully depend on replacing imports," Novak noted.

"But we are in favor of cooperation with Western companies – and they continue to do business in Russia, despite the sanctions. We are not dealing with politics at the moment, but with our economy. That's my job," TASS cited him as saying.