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Putin: Russia mineral resources underestimated

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Russia's real possibilities from a perspective of mineral resources are underestimated, President Vladimir Putin said.

"There cannot be too much mineral resources, like money. But it is a fact that Russia is one of the richest counties in the world, and possibilities of our country are still underestimated. We are ready for cooperation with our partners. Unlike in the OPEC countries, our energy sector is not state-owned. A significant part of this sector is under private control," Putin told the Indian mass media on Tuesday.

Russia and its foreign partners, including India, are interested in cooperation in the development of Sakhalin deposits.

"The Indian partners show interest in broadening the cooperation in this sphere, not only in the oil output, but also in the gas output. The talk is about a possibility of operations with the participation of Japanese partners, as well as partners from other countries. The gamut of possibilities is very wide. The state will give support," Putin said.

"Practically all larges companies of the world work on Russia's territory. They include the Indian partners, who work in the Sakhalin-1 project. A few years ago, the Russian company with the state participation Rosneft gave the Indian partners 20 percent. In last year's December, initial oil shippings were made," the president said.

Putin was critical about media assertions about Russia's "marked successes" in geological exploration and its having an "excess of the oil resource".

"I do not think that we have made big successes from a perspective of geological exploration work. Just this is a weak side of the activity of Russian extracting companies and a consequence of insufficient attention of the state to geological exploration work. Two-days ago, I handled this question. We talked about that with the chairman of the government, chiefs of the largest companies, we have made a respective decision," Putin said.

© Itar-Tass

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