Putin says Russia to stimulate energy sector investments

MOSCOW, Oct 4 (PRIME) -- Russia will continue to stimulate growth of capital investment, including foreign investment, in the energy sector, President Vladimir Putin said at a plenary session of the Russian Energy Week on Wednesday.

“I will also emphasize that we are applying effective mechanisms of investment support of generation based on renewable energy sources, guaranteeing investor profitability. We will continue to stimulate investment in the industry, including foreign investment and investment of our partners, foreign companies,” Putin said.

He said that hydrocarbons will remain the leading source of energy in the world for the next 20–25 years. The share of clean energy sources will almost reach 90% in Russia by 2035, rising from the current 84% of all generation.

Energy intensity of the Russian gross domestic product (GDP) will fall by 33.4% by 2035 due to the planned energy efficiency growth measures, he said.

He said that technological disparity threatens the global energy sector and that Russia is ready to cooperate with all interested partners on basis of equal rights and mutual benefit principles. Some states are using sanctions affecting the energy sector for unfair competition, Putin said.

The president said that Russia is fully meeting its obligations under the OPEC plus nonmember oil output reduction agreement and that will continue to cooperate with OPEC states on mutually beneficial terms.

Prolongation of the deal is not ruled out and will depend on market conditions in 2018, he said.

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