Russia to Invest $1Billion of Oil Revenues in Nanotechnology

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PostPosted: Thu Dec 13, 2007 12:44 pm    Post subject: Russia to Invest $1Billion of Oil Revenues in Nanotechnology Reply with quote

Over the next three years Russia will invest over $1 billion of its oil and gas export revenues in buying equipment for nanotechnology research in an effort to diversify an economy now heavily dependent on raw materials, First Deputy Prime Minister Sergei Ivanov said on Wednesday, 18th April.

“(Nanotechnology) is a very promising scientific and technical field, capable of fundamentally changing the model of the Russian economy ... from a fuel economy to an economy of the future,” Ivanov said, quoted by the Associated Press, after a meeting at the Kurchatov nuclear and scientific research institute, which was also attended by President Vladimir Putin.

Nanotechnology is an emerging field that works with microscopic particles the size of atoms.

Ivanov, considered a possible candidate for Kremlin support to replace Putin after presidential election next March, said Putin had chosen him to head a council that will supervise spending on the nanotechnology effort under a program being developed by the government.

He said spending would amount to 28 billion rubles ($1.1 billion) over the next three years.

Since the start of Putin’s presidency in 2000, Russia has earned an estimated $750 billion from oil and gas sales, according to Moscow-based Alfa Bank. Putin has repeatedly stressed the importance of freeing the economy from its dependence on commodities markets and turning it toward a more high-tech, knowledge-based model.

“Russia’s economic potential has been restored, the possibilities for major scientific research are opening up,” Putin said, quoted by AP. “The concentration of our resources should stimulate the development of new technologies in our country. This will be key also from the point of view of the creation the newest, modern and super effective weapons systems.”

Ivanov predicted that 90 percent of nanotechnology developments would be used for civilian purposes and 10 percent for military purposes.

The nanotechnology effort will be coordinated vat the Kurchatov institute, Ivanov said.


Story first posted: 19th April 2007.
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