Russian Oil Production Forecast to Drop

THE JOURNAL RECORD, June 7, 1995 | Go to article overview

Russian Oil Production Forecast to Drop


MOSCOW _ Russian oil production will continue to decline amid slack demand until the year 2000, the nation's fuel and energy minister was quoted as saying Tuesday by the Interfax news agency. Even under optimistic forecasts, annual output will slip to 1.9 billion-2.2 billion barrels a year in 2000 from 2.23 billion barrels last year, Yuri Shafranik said. To maintain even this pace, he said, the pace of new drilling would have to be doubled.

Shafranik's forecast, given at an international energy conference in Moscow, was more pessimistic than the ministry's official outlook, which puts crude oil output around 2.1 billion-2.24 billion barrels a year through the end of the century. Shafranik said overall energy consumption will fall over the next three years, a reflection of Russia's troubled economy. The government has forecast a stabilization in overall economic output next year and growth in 1997. Research Alliance Announces Advanced Chip

TOKYO _ IBM Corp., Siemens AG of Germany and Toshiba Corp. of Japan announced that their $1 billion semiconductor research alliance has succeeded in developing an advanced, 256-megabit computer memory chip. The most advanced memory chips now on the market have a capacity of 16 megabits. Several other semiconductor companies already have announced development of 256-megabit memory chips, but the three companies said Tuesday their design is nearly twice as fast and smaller than the others. The experimental chip won't be ready for marketing for at least three years, they said. Philip Morris to Drop Some Stadium Cigarette Ads

WASHINGTON _ Philip Morris Inc. agreed to stop placing cigarette ads in stadiums and arenas where they can be telecast during pro sports events. Government lawyers asserted the signs were designed to circumvent the 1971 ban on televised cigarette advertising. The company denied it violated or intended to violate the ban. Nevertheless, it agreed Tuesday to move ads for Marlboros and its other cigarette brands away from the sidelines, the player entrances and other areas routinely televised during professional baseball, football, basketball and hockey games. Interbrew Wins Competition for Brewer

TORONTO _ Belgium's Interbrew SA has won a competition for John Labatt Ltd. …

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