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. Last Updated: 07/27/2016

Canadians reap profits in Russia

The Canadians are boosting their trade and investment in Russia, managing so far to turn a profit and avoid the debt trap into which most commodity exporters have fallen.

The Canadian Minister of Energy, Mines and Resources, Jake Epp, will be in Moscow this week to give a keynote speech at a seminar on Canada-Russia cooperation in the oil and gas sector. The seminar is the latest in a series that the Russian government has organized to encourage investment

from North American companies.

Canadian oil companies have been active in several oil fields in Russia and in Kazakhstan.

Canadian Fracmaster Ltd. , Calgary, is regarded in the oil industry as one of the only Western oil companies - possibly the only one - in Russia at present to be lifting oil and making money.

The value of Fracmaster's investment in Russia, company officials say, will reach $80 million by early 1993.