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. Last Updated: 07/27/2016

Consultancy Advises on Oil Industry

BOSTON, Massachussetts -- Russia must upgrade its oil pipelines, build more gas stations and improve technology to more accurately interpret geological findings, a prominent U.S. consulting group says in a new study.

The Boston Consulting Group, announced it has finalized recommendations for a major overhaul of the oil industry in Russia. Funded by the U.S. Agency for International Development, the strategic review was commissioned jointly by the Russian Ministry of Energy and Fuel, and The World Bank.

The report recommends a wide range of measures to move the Russian oil industry toward a more deregulated, market-based structure.

BCG's strategy also proposes significant changes in regulating Russia's financial markets to encourage inward investment in connection with further privatization.