Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Petersburg to Offer Oil Nobel

The St. Petersburg government and Nobel family society have decided to revive the Russian Nobel Prize for oil technology, which was awarded at the end of the last century, a spokeswoman for the organizational committee said Monday.

According to Svetlana Kolyadina, the prize was named after Ludvig Nobel, the brother of Alfred Nobel. Ludvig spent most of his life in Russia and is buried in St. Petersburg.

The prize carries a cash award of 25 million rubles ($6,500), donated by the Russian oil company LUKoil.

"We don't want to compete with the usual Nobel prize. It would be absurd. Our aim is to help young Russian scientists. It is no secret that science in Russia is slowly dying," Kolyadina said.

"People are leaving the country. We try to stop the process. We find Russian businessmen who are interested in investing in scientific research inside the country," she said.