Russian President Vladimir Putin attended the plenary session of the 6th “Russian Energy Week” International Forum in Moscow on the 11th and said that the Russian economy is currently in a stage of structural reform and the energy industry is also undergoing profound changes. He proposed four major strategic directions for reform in the Russian energy sector.
Putin pointed out that as part of the country’s long-term strategy, the four main directions for transformation in Russia’s energy sector are: First, Russia’s priority is to ensure the domestic market and fully guarantee domestic oil, gas and electricity demand and market stability. Last year, Russia’s domestic energy consumption set a record, and there is reason to believe that it will continue to grow this year. This comprehensive indicator also reflects the positive development trend of Russia’s economic and social fields.
The second strategic and systematic task in the Russian energy field is to create maximum added value and develop oil and gas deep processing.
Third, improve the research and development, production and use of Russian-made machinery and equipment, technology and application software, and form fully sovereign technology, talent and financial investment in this field. He called for speeding up the transition of standardization and certification in the oil, gas and petrochemical industries from foreign to domestic systems.
Fourth, Russian energy supply will shift to markets in other regions of the world with rapid economic growth and promising prospects. He emphasized that this move was not accidental, but a natural process, and was not determined by geopolitical “conspiracies” but was driven by long-term market trends. Putin said that experts say that the current five major economies in Asia, namely China, India, Indonesia, Malaysia, and Vietnam, have contributed more to the global economy than the United States and the European Union. This gap will only grow over the next decade. For example, he said that experts estimate that by 2050, natural gas demand will grow in all other regions of the world except North America and Europe. At the same time, Europe’s share of global demand will fall by more than half, to 5%. In comparison, Asia’s share will increase from 21% to 30%.
Putin said that the actions of the West have brought chaos to global energy markets, including the oil market. The negative consequences of this politicization are affecting the entire global economy, and this situation must now be corrected by responsible market participants. The stability of the oil market requires major suppliers to cooperate under open and transparent conditions. It is with this logic in mind that Russia is successfully coping with challenges in cooperation with its “OPEC+” partners, and both parties will continue to coordinate actions in the future. He emphasized that Russia will continue to contribute to balancing the global energy market and is willing to develop partnerships and cooperation with relevant countries.
The 6th “Russian Energy Week” International Forum will be held in Moscow from October 11th to 13th. The theme of this forum is “The New Reality of Global Energy: Creating the Future”.
(Source of article: China News Network)
Article source: China News Network
Original title: Putin proposed four strategic directions for reform in Russia’s energy sector
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2023-10-11 20:04:50
