#3 - RW 10-22-04 - RW Home
RUSSIA INVESTS ONE BILLION IN AMERICA'S, U.S. SIX BILLION DOLLARS IN RUSSIA'S ECONOMY

MOSCOW, October 21 (RIA Novosti) - Russian investments in the American economy stand at about one billion dollars.

"The amount of accumulated Russian investments in the American economy is approaching the one billion-dollar line", Russian presidential aide Igor Shuvalov told reporters.

In recent time, Russian-American investment interaction is becoming truly reciprocal, he said.

The United States is among the leaders as regards the amount of accumulated investments made in the Russian economy. "Last year they reached the six billion-dollar line", Shuvalov said.

As regards the meeting between the Russian president and the General Electric CEO, Shuvalov noted: "Their conversation proceeded along the lines of the meetings between the Russian president and other managerial representatives of the flagship companies of American and international business".

By way of example he cited Putin's meetings with ConocoPhillips president Malva in Sochi on July 22, 2004 and in New York on September 26, 2003; ExxonMobil CEO Raimond in New York on September 26, 2003. They talked strategic investments to be made in the Russian economy.

Over a half of the accumulated American investments have been made in the Russian fuel and energy complex, Shuvalov recalled.

"It is important that now it not mere intentions but concrete investment projects", stressed the Russian presidential aide.

"For instance, on September 29, 2004 ConocoPhillips bought about the 2 billion-dollar state block of LUKOIL shares on results of the tender. In this way, ConocoPhillips has become a major investor in the Russian oil and gas sector", Igor Shuvalov noted.

ExxonMobil, Chevron Texaco and some other large American oil and gas companies continue talks on boosting their presence in Russia, he said.

"Special prospects unfold as regards plans for establishing in Russia capacities and the infrastructure for shipments to the American continent of our newproduct - liquefied natural gas. Such talks have begun between Gazprom and the leading American firms having much experience of work with LNG", the presidential aide said.

He also noted that, in line with the goals outlined by the Russian and the United States' presidents during the summits in Camp David in September 2003 and on Sea Island last June, work is under way promoting new investment projects in the transport machinery engineering, pulp and paper, food, non-ferrous metallurgy sectors.