Sergey Bagapsh: Abkhazia has oil and gas

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Abkhazia has sufficient resources for successful economic development, President of Abkhazia Sergey Bagapsh announced at a press conference in Sukhum Sep 2, 2008. He said that Abkhazia is rich with natural resources and fossil minerals — ''we have oil and gas.'' Bagapsh noticed that up to 10 billion rubles is going to be invested in developing the country's economy in the coming two or three years. Besides, he informed, foreign investments is going to be welcomed.

''We are ready to communicate with different organizations who want to cooperate, invest in the development of the resort business, agrarian sector, to take care of the construction business, reconstruction and development of transport infrastructure, etc.,'' Bagapsh said. He reminded that pre-war Abkhazia had a quite developed transport infrastructure.

''The war has inflicted enormous damage to Abkhazia's economy. Blockade imposed by the ill will of Georgia on the post-war Abkhazia became another heavy burden. The unilateral withdrawal of Russia from the economic sanctions regime in March 2008 positively impacted the economic situation in the republic,'' Apsnypress News Agency quotes Abkhazian President.