Russia to Lure Funds as Novak Meets Energy Investors in London

Russian Energy Minister Alexander Novak will meet with international investors in London on Oct. 9 as the world’s biggest oil and gas producing nation seeks funds to develop increasingly challenging deposits.

Novak, a former deputy finance minister, will meet more than 50 institutional investors managing more than $2.5 trillion, Dmitry Klokov, his spokesman, said today in an e-mailed statement.

President Vladimir Putin has overseen oil alliances with Exxon Mobil Corp., Eni SpA and Statoil ASA this year to help OAO Rosneft with technology and financing to tap remote and complex reserves as traditional fields deplete. Putin has called for Russia, which depends on oil and gas for half its budget revenue, to keep crude output at more than 10 million barrels a day, a post-Soviet high, for at least a decade.

Novak will explain to investors about tax incentives to help develop new projects in eastern Siberia, offshore deposits, and hard-to-recover reserves, Klokov said.

Russia needs as much as $1 trillion of total investment in oil, gas and power to 2020, Novak said in an interview on Sept. 20. The London presentation will be followed by New York in November, Novak said in September.

Igor Sechin, Rosneft’s chief executive officer, will meet with investors in London tomorrow to explain the state-run company’s strategy as it seeks to buy BP Plc’s half of TNK-BP, the country’s third-biggest oil producer.

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