Shell Ups Russian Investment

Shell is planning to invest over $200 million this year in its joint-venture partnership to develop the Salym oil fields in western Siberia. John Barry, head of Shell Russia, said most of the money will be spent on the West Salym fields. Shell has been encouraged by its progress in Russia, Barry told reporters.

The company last year agreed to a budget of $1 billion to develop the Salym oil fields in Russia after failing to secure a tax agreement from the country's government. Shell's investment in Russia will increase from the present level of $5.5 billion.

The company last year pumped 10.8 million barrels of oil from its Sakhalin fields off the Pacific coast of Russia.