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Voice of America, Rule of Law Will Bring Russia More Investment

Rule of Law Will Bring Russia More Investment

Russian television selected a brief soundbite from an interview with former Secretary of State Colin Powell in which a translator quotes him as saying that Russia has succeeded in attracting foreign investors and will likely continue to do so.

But in an address journalists were not permitted to record, Mr. Powell told a large international investors' conference in Moscow that Russia must observe the rule of law and fight corruption if the country is to lure more investors. Russia's Deputy Energy Minister Andrei Dementiev (on photo) spoke only business. He told the same investors that the growth of his country's GDP in recent years has outpaced expectations. He also expressed confidence in new export markets for Russian energy in the east and in Europe.

Dementiev says that when fully developed, the northern European gas pipeline will allow delivery of gas not only to traditional Russian clients in Central Europe, but also to new markets in Scandinavia and Great Britain.

But Leonid Fedun, the vice president of Russia's Lukoil petroleum company, says drilling for oil is becoming technically more difficult and expensive, which could cause a period of slow growth, even stagnation in Russia.

Fedun says Russia no longer has any developed and proven oil fields. Today, he says, all Russian oil companies - government and private - will need to invest gigantic amounts of money just to maintain the current annual production level of 10 billion barrels.

Fedun estimates that sum to be $300 billion, which will require foreign investment.

Another oil company executive, Peter O'Brien - an American investment banker who is now vice president of Rosneft, Russia's largest oil company - agreed with Secretary Powell's linkage between the country's ability to draw foreign investment and its commitment to the rule of law.

"Management at Rosneft continues to work on what we can do to improve return on capital to our shareholders," he said. "And in order to do that, we recognize that to the extent we are operating in a marketplace, which allows us to buy goods, sell goods, develop projects on a more predictable basis, the lower our cost of capital will be, the more efficient we will be able to be, and the greater chance we have to contribute to the growth and development of Russia." O'Brien says Russia has made progress on the corruption issue since he first came to the country 15 years ago. But he notes that the Russian people are just now beginning to see the results of that progress.


Rule of Law Will Bring Russia More Investment L'état de droit apportera à la Russie plus d'investissements

Russian television selected a brief soundbite from an interview with former Secretary of State Colin Powell in which a translator quotes him as saying that Russia has succeeded in attracting foreign investors and will likely continue to do so. ロシアのテレビは、コリン・パウエル元国務長官とのインタビューから短いサウンドバイトを選択しました。翻訳者は、ロシアが外国人投資家を引き付けることに成功しており、今後もそうする可能性が高いと述べています。

But in an address journalists were not permitted to record, Mr. Powell told a large international investors' conference in Moscow that Russia must observe the rule of law and fight corruption if the country is to lure more investors. Mais dans une allocution que les journalistes n'étaient pas autorisés à enregistrer, M. Powell a déclaré lors d'une grande conférence internationale d'investisseurs à Moscou que la Russie devait respecter l'état de droit et lutter contre la corruption si le pays voulait attirer davantage d'investisseurs. しかし、ジャーナリストが記録することを許可されなかった演説で、パウエル氏はモスクワでの大規模な国際投資家会議で、ロシアがより多くの投資家を誘惑するためには法の支配を遵守し、腐敗と戦わなければならないと語った。 Russia’s Deputy Energy Minister Andrei Dementiev (on photo) spoke only business. He told the same investors that the growth of his country’s GDP in recent years has outpaced expectations. 彼は同じ投資家に、近年の自国のGDPの成長は期待を上回っていると語った。 He also expressed confidence in new export markets for Russian energy in the east and in Europe. Il a également exprimé sa confiance dans les nouveaux marchés d'exportation de l'énergie russe à l'Est et en Europe. 彼はまた、東部とヨーロッパにおけるロシアのエネルギーの新しい輸出市場への信頼を表明した。

Dementiev says that when fully developed, the northern European gas pipeline will allow delivery of gas not only to traditional Russian clients in Central Europe, but also to new markets in Scandinavia and Great Britain.

But Leonid Fedun, the vice president of Russia’s Lukoil petroleum company, says drilling for oil is becoming technically more difficult and expensive, which could cause a period of slow growth, even stagnation in Russia. しかし、ロシアのルクオイル石油会社の副社長であるレオニード・フェダン氏は、石油の掘削は技術的に困難で高価になり、成長の鈍化、さらにはロシアの停滞を引き起こす可能性があると述べています。

Fedun says Russia no longer has any developed and proven oil fields. Fedun dit que la Russie n'a plus de champs pétrolifères développés et éprouvés. Today, he says, all Russian oil companies - government and private - will need to invest gigantic amounts of money just to maintain the current annual production level of 10 billion barrels.

Fedun estimates that sum to be $300 billion, which will require foreign investment. Fedun estime cette somme à 300 milliards de dollars, ce qui nécessitera des investissements étrangers.

Another oil company executive, Peter O’Brien - an American investment banker who is now vice president of Rosneft, Russia’s largest oil company - agreed with Secretary Powell’s linkage between the country’s ability to draw foreign investment and its commitment to the rule of law. Un autre dirigeant d'une compagnie pétrolière, Peter O'Brien - un banquier d'affaires américain qui est maintenant vice-président de Rosneft, la plus grande compagnie pétrolière de Russie - était d'accord avec le lien établi par le secrétaire Powell entre la capacité du pays à attirer des investissements étrangers et son engagement envers l'État de droit. 別の石油会社の幹部であるピーター・オブライエン(現在、ロシア最大の石油会社であるロスネフチの副社長であるアメリカの投資銀行家)は、外国投資を引き出す国の能力と法の支配へのコミットメントとの間のパウエル長官のつながりに同意した。

"Management at Rosneft continues to work on what we can do to improve return on capital to our shareholders," he said. "La direction de Rosneft continue de travailler sur ce que nous pouvons faire pour améliorer le rendement du capital pour nos actionnaires", a-t-il déclaré. 「ロスネフチの経営陣は、株主への資本利益率を改善するために私たちに何ができるかについて引き続き取り組んでいます」と彼は言いました。 "And in order to do that, we recognize that to the extent we are operating in a marketplace, which allows us to buy goods, sell goods, develop projects on a more predictable basis, the lower our cost of capital will be, the more efficient we will be able to be, and the greater chance we have to contribute to the growth and development of Russia." O’Brien says Russia has made progress on the corruption issue since he first came to the country 15 years ago. But he notes that the Russian people are just now beginning to see the results of that progress.