Evans to lead oil business delegation to Russia

Evans to lead oil business delegation to Russia    U.S. Commerce Secretary Donald L. Evans will lead a business development mission to Russia Sept. 21-25.
   The purpose of the mission is to promote trade and investment opportunities in the oil and gas sector, including exploration and production, equipment and services, and transportation.
   The U.S. delegation will include both Commerce officials and oil and gas company executives. They will attend the U.S.-Russia Commercial Energy Summit in St. Petersburg and participate in additional meetings in Moscow.
   The trade mission follows the U.S.-Russia Commercial Energy Summit held in Houston in October.
   According to Commerce, Russia is ranked the fifth-largest export market for U.S.-made oil and gas field equipment. In 2002, U.S. exports of this equipment to Russia totaled $328 million, an increase of 16 percent over 2001.
   “High oil prices, which allowed Russian oil companies to invest in new and existing oil fields, new pipeline construction, and major loans to Russian oil companies from the U.S. Export-Import Bank and the European Bank for Reconstruction and Development account for much of this increase,” Commerce said.
   There are also numerous oil exploration opportunities in undeveloped regions of Russia, such as Timan Pechora and Sakhalin Island in the Far East.
   Shippers interested in participating in the trade mission to Russia must apply to Commerce’s Office of Business Liaison by Aug. 8. The office may be reached in Washington at (202) 482-1360.