Vladimir Putin's speech at the plenary session of Russian Energy Week. Main points:
In the ongoing structural transformation of the Russian fuel and energy complex, four key elements can be identified that are fundamental in nature and are part of Russia’s sovereign development strategy:
Covering the needs of the domestic market, increasing its capacity. A positive example of this is the country’s gas industry, including the public gas supply programme and the development of gas transport systems in the west and east of Russia;
Creating maximum added value in the industry and developing deep processing of oil and gas. A petrochemical plant has been launched in Tobolsk (Tyumen Region); the Amur gas processing plant is increasing its capacity; and an LNG production and gas processing complex is being built in Ust-Luga (Leningrad Region), as well as the Amur gas chemical complex;
Creating full sovereignty in the domestic fuel and energy complex: technological, personnel, and financial. The Russian engineering school for the construction and maintenance of nuclear power facilities serves as an example to follow: Rosatom State Atomic Energy Corporation is simultaneously building 22 power units abroad today, which accounts for about 80 percent of the world market. The hydropower industry is another example of the successful development of domestic competencies;
Searching for new prospects and changing the geography of exports. After the actual refusal of the European countries to purchase Russian energy resources, which had a negative impact on the economic situation in the EU, Russia managed to quickly redirect oil supplies to fast-growing and promising markets in other regions of the world: to the south and east. The plans include further expansion of exports to countries in the Asia-Pacific region, Africa, and Latin America.
Russia also has large plans in the field of liquified natural gas, the President especially emphasised. In the next decade, LNG production should triple to 100 million tonnes per year, and in order to realise its competitive advantages and efficient logistics, the country will use the potential of the Northern Sea Route and the new transport hubs being developed in the Arctic.
“As before, Russia will make a significant contribution to balancing the global energy market, developing partnerships and cooperative ties with those countries that want it and are interested in this,” the President emphasised at the conclusion of his speech.
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