The Moscow Times cited Mr Sergei Donskoi Deputy Natural Resources and Environment Minister of Russia as saying that the government is planning to create a new state holding to unite and coordinate the country’s various geological assets.

He said that Rosgeologia will unite scientific institutes, industrial firms and geological information resources, the ministry said in a statement on its web site. Organizations that specialize in researching the Arctic shelf will also become part of the holding.

Mr Donskoi said the government is planning to increase its financing of geological research next year. He said that several large oil reserves close to the strategic volume of 50 million tonnes will be opened this year despite a 10% to 20% decrease in research. One is the 50 million to 80 million tonne Lugovoye oil reserve in the Saratov region another is the 50 million tonne Chaikin reserve in the Sakha republic.

(Sourced from The Moscow Times)