Russian businesses considering capital investment in oil and gas

National 1 minute, 35 seconds

BANDAR SERI BEGAWAN

RUSSIAN businesses are considering the possibility of capital investment in the oil and gas as well as construction industries in Brunei, the country’s deputy minister of economic development said.

In an email interview with The Brunei Times, Alexey Vedev said the most promising areas in bilateral cooperation of the two countries are in the petrochemical industry, oil and gas transportation infrastructure and agriculture.

The deputy minister said while they are considering the possibility of capital investment in the aforementioned areas, “it is not easy to estimate the possible scale of such investment at the moment,” he said.

He said that Russia is ready to discuss with Brunei counterparts on the prospects of cooperation in the energy sector.

Leading a Russian business mission to Brunei, Vedev is also expected to meet with the sultanate’s top government officials when he visits today until April 21.

He went on to say that there is a need to intensify contacts among business communities and government agencies responsible for trade and economic issues.

Vedev said Russia and Brunei have close economic relations, but the current trade, economic and investment cooperation do not reflect the potential of Russia and Brunei economies, and require the adoption of comprehensive measures. “One of the reasons for this is the absence of established contacts between business communities, and the lack of information on regulation in the international economic sphere, industry capacities and possibilities of joint projects on infrastructure,” he said.

He added that this is why Russian and Brunei businesses are taking the first steps in establishing bilateral contacts.

The deputy minister also invited Brunei partners and entrepreneurs to participate in already existing energy projects in Russia’s Far East and Asia Pacific regions.

The nearest venue for discussion of such prospects can be the forthcoming International Industrial Trade Fair (INNOPROM), which will be held in Yekaterinburg city on July 11 to 14.

The Brunei Times