Russia plans to increase its coal production to over 420 million tonnes in 2018, beating the record that was achieved during the Soviet times, Russian Energy Minister Alexander Novak said Monday.

KEMEROVO (UrduPoint News / Sputnik - 27th August, 2018) Russia plans to increase its coal production to over 420 million tonnes in 2018, beating the record that was achieved during the Soviet times, Russian Energy Minister Alexander Novak said Monday.

"From 2012 to 2017, the production of Russian coal increased by 15.5 percent to 410 million tonnes. This year, it will exceed the milestone of 420 million tonnes, and we are likely to surpass the maximum production level of the Soviet era, registered in 1988," Novak said.

The minister added that the volume of coal washing would grow by 28 percent to 195 million tonnes, while investments would reach 130 billion rubles ($2 billion) per year.

"According to our estimates, coal exports from Russia are expected to exceed 200 million tonnes in 2018: about 100 million tonnes to the West and another 100 to the East," Novak said.

He explained that for now, the exports to the West seemed less promising due to the EU plans to reduce coal consumption, as well as in connection with the expected competition from suppliers from Colombia and the United States.

"As for the Eastern direction, we account for 9.3 percent [of exports on Eastern markets], and we see the possibility of doubling exports by 2025, increasing the share of Russia to almost 20 percent," Novak stressed.

The minister added that current Russia's share in European markets amounted to almost 40 percent.