MIL OSI Translation. Region: Russian Federation –
As part of the second day of the Russian Energy Week international forum, the Deputy Prime Minister took part in a discussion on the prospects for hydrocarbon energy, held a meeting of the Russia-OPEC Energy Dialogue, as well as a number of bilateral meetings.
The last few months in the global energy market have shown the importance of maintaining the necessary investments in the oil and gas industry to meet demand. About this within the framework of participation in the panel discussion “The future of traditional energy: is the world ready to give up hydrocarbons?” the International Forum “Russian Energy Week” was announced by Deputy Prime Minister Alexander Novak. In his opinion, hydrocarbon energy will continue to form the basis of the climate balance in the future.
“Recently, estimates of the speed of transition to new energy sources have changed significantly. The trend towards an increase in the share of renewable energy sources in the energy balance was not balanced with the creation of reserves for peak gas consumption in certain periods. Due to the overlap of a number of factors, we saw that the market is tense regarding the passage of winter. All this suggests that it is necessary to carefully predict the balance. The main problems with the gas market come from poor planning of energy purchases, which leads to fluctuations. Therefore, it is necessary to reasonably approach the issues of energy security, ”stressed Alexander Novak.
He also recalled that earlier there was a proposal from 2021 to stop investing in hydrocarbon projects to achieve carbon neutrality, but “this has nothing to do with real life,” the deputy prime minister said. “Russia stands for a balanced approach to the development of clean and conventional energy, it remains the basis of generation. Obviously, we will not get away from hydrocarbons, and if their share will decrease, it will only be up to 65–70% in the next decade. We must act in common interests, including creating conditions for companies to invest in this industry, ”concluded Alexander Novak.
This also applies to the oil industry. At present, the situation in this market, thanks to the cooperation of the countries through OPEC +, remains stable. “The oil market is recovering consistently. We see that in 2021 the total demand growth will amount to 6 million barrels, and by the end of the year we hope for a complete recovery in demand, ”added the Deputy Prime Minister.
Also on the sidelines of REW 2021, Alexander Novak and Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammed Sanusi Barkindo held a meeting of the Russia-OPEC Energy Dialogue. As the Deputy Prime Minister noted, bilateral cooperation between Russia and OPEC has been successfully developing for many years, during the meetings various issues related to the development of the oil market are discussed in detail. During the next meeting, Alexander Novak and Mohammed Barkindo reviewed the progress of cooperation in the scientific and technical sphere, as well as discussed in detail the climate agenda and exchanged views on the future of hydrocarbon energy.
The issues of demand for hydrocarbons, in particular natural gas, also became a key topic on the agenda of Alexander Novak’s meeting with the Minister of Foreign Economic Relations and Foreign Affairs of Hungary, Peter Siyjarto, which was held on the eve of the 14th meeting of the Russian-Hungarian Intergovernmental Commission on Trade and Economic Cooperation, scheduled for this November. of the year. Since October, natural gas from Russia has been transported to Hungary via a new route – through the Turkish Stream gas pipeline. In addition, the parties touched upon the topic of developing cooperation in the field of sustainable energy. “The new supply route is especially important in the current conditions of gas shortage on the European market. In general, I would like to state: Russia remains the largest supplier of natural gas to Hungary and traditionally reliably fulfills its contractual obligations to partners, ”the Deputy Prime Minister added.
In addition, on the sidelines of REW-2021, Alexander Novak met with the Special Representative of the Government of the Federal Republic of Germany for gas transit through Ukraine, Georg Graf von Waldersee. During the meeting, the sides discussed issues of natural gas transit to Western European countries. At the same time, the energy sector continues to occupy a key place in Russia’s economic relations with Eastern European states, including Serbia, the Deputy Prime Minister said during a bilateral meeting with Deputy Prime Minister, Minister of Mining and Energy of the Republic of Serbia Zorana Mikhailovich. During the meeting, the sides discussed the current gas interaction, the program of Russian-Serbian cooperation, the development of nuclear energy, as well as the supply of power engineering products from Russia to Serbia.
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.