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Russian International Energy Week Forum 2018

SHARE   |   Friday, 26 October 2018   |   By Ricardo Kanono
Russian International Energy Week Forum 2018

The second Russian Energy Week Forum (REW) was held in Moscow on October 3-6, 2018. About 9 500 representatives of official and business circles of 70 states, including 20 energy ministers, heads of large domestic and international analytical companies met to discuss the global energy agenda in an open trusting way.

The pivotal event of the REW-2018 became the speech of the President of the Russian Federation at the plenary session "Sustainable Energy for a Changing World." In his speech, V.Putin pointed out the stabilizing role of Russia in the global energy market and emphasized that the world energy security may be provided only with an equal partnership based on the identical rules, pragmatism, shared responsibility, and mutual interests. The President commended the constructive interaction between the Russian Federation, OPEC and other petroleum exporting countries. Owing to the joint work, we managed to achieve a balance in the global oil market, which is necessary for the implementation of long-term investment plans.

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During the meeting with the President of Russia and in his speech at the REW, the OPEC Secretary General M.Barkindo noted the significant role of our country in reaching the Vienna agreements and their compliance. The mutual interest in further development and institutionalization of cooperation was confirmed.

The oil prices became the most sensitive issue discussed by the participants. V.Putin as well as the energy ministers of the diverse countries, including Saudi Arabia and Qatar, expressed the opinion that the basic indicators of supply and demand for hydrocarbons are generally balanced now. The cause of price volatility arises from the political situation, such as the US unilateral measures and plans.

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Until 2040, fossil energy sources (FES) will remain a key element of the global energy industry. Their share is expected to account for more than 75% of energy production, of which oil and gas - more than 50%. The demand for “black gold” will be high.

The exhibition hole. Russian Energy Week International Forum 2018

Gas will continue to be the most affordable, green and efficient fuel. By 2040, global consumption would have exceeded 5 trillion cubic metre, and its share in the energy balance will raise from 23% to 26-28%. The growth of the role of liquefied natural gas (LNG) is projected with the number of its consumers increasing from 17 to 40 countries. The resource base allows Russia to boost LNG production by 70–80 million tons by 2024 and become one of the leading LNG exporters by unleashing the potential of the Northern Sea Route.

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The global coal market will continue to show positive dynamics in until 2040. For our country, which is the 3rd among the coal exporters (190 million tons), it is vital to gain momentum in this sphere.

Another priority is to hold the leading position in the nuclear field. Currently, “Rosatom” is constructing 25 power plants in 12 countries with total number of orders exceeding 36. Hence the opportunity of the Russian peaceful atom promotion was also noted.

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The start in Russia of a relatively new industry - the production of renewable energy sources (RES) - was highlighted as a distinguished achievement as well. By 2024, facilities with a capacity of 5,000 MW will be constructed. Industrial and scientific clusters which will allow our country to enter the foreign markets with own new technological solutions to solar and wind energy products are being formed in the country.

During the Russian-African round table, the partners, referring to the experience of the USSR, expressed their support for intensifying the Russian presence in the energy sector of Africa, and urged to widen a number of appropriate training programmes in our universities. Africans are interested in creating new energy plants not only for households, but also for industrialization. The Russian Ministry of Industry and Trade and energy giants such as “Transneft” PJSC, “Hevel” LLC confirmed their intention to cooperate with the states of the region, first of all, through the intergovernmental agreement mechanism.

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The Embassy of the Russian Federation

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In the Republic of Botswana



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