Russian Energy Ministry sees key task in monitoring energy market

MOSCOW, Apr 2 (PRIME) -- Russia’s Energy Ministry has considered a stress test of a slump of energy demand, and sees its main task in monitoring of the market, Minister Alexander Novak said at a government meeting on Thursday following discussions of the 2035 energy strategy.

“We considered a stress scenario taking into account the current condition of the market and a significant contraction of demand for energy resources in the short term. We think that the major current task is to monitor the situation daily and pay attention to stability of the fuel and energy industry under the current conditions,” he said.

In the 2035 energy strategy draft, the ministry took into account potential challenges and risks. The list includes new technologies that change the structure of the energy sector, globalization of the international energy resource market, growth of competition and production of shale gas and oil, increase in production of liquefied natural gas (LNG), non-competitive methods of economic battles like sanctions, and promotion of the “green agenda” in the world, he said.

The ministry also included forming of an LNG cluster based on the resources of the Yamal and Gydan peninsulas into the strategy. One of the strategy’s goals if to raise exports of different energy products to 15% in 2024 and to 46% in 2035.

The ways to reach the goal include an increase of production and exports of LNG by 240% in 2024, creation of the Yamal and Gydan LNG cluster, six petrochemical clusters, production and consumption of hydrogen and helium that would make Russia one of the world’s leaders in hydrogen energetics, Novak said.

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