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SPIEF debates on the future of Oil and Gas

Saint Petersburg, Russia, Jun 6 (Prensa-Latina) Russian Deputy Prime Minister Alexander Novak described the fuel and energy complex in Russia as stable and dynamic.

“We had strong challenges due to the pandemic and now with the pressure of sanctions such as bans on the supply of oil, petroleum products, transportation, insurance, settlements, coal, however, we have achieved stability,” Novak said during the Saint Petersburg International Economic Forum (SPIEF).

Novak asserted that among the Russian government’s tasks, priority is given to the supply of energy resources for a new market, the development of gasification, and gas pipeline infrastructure.

“It is worth noting that 80 percent of energy resources are redirected to friendly markets: Asia-Pacific, Asia, Latin America; infrastructure development projects are also carried out,” he noted.

The deputy prime minister declared that 20 percent of the Gross Domestic Product in Russia is in the energy sector, with investments of seven trillion rubles (more than 77 billion dollars) per year.

The Sectoral Vice President of Economy of Venezuela, José Félix Rivas, the Secretary General of the Organization of Petroleum Exporting Countries, Haitham Al Ghais, and the Foreign Minister of Hungary, Peter Szijarto, participated in the panel “The future of the oil and gas market: global demands outlook and producers plans.”