ALEXANDER NOVAK: RUSSIA COULD BE GUARANTOR OF ENERGY SECURITY FOR APR NATIONS
02 September 2016
Participants in the Eastern Economic Forum discussed the prospects for mutual energy projects in the countries of the Asia Pacific region.
Skyrocketing demand for energy can be seen in Asia Pacific. In expert estimations, by 2035, residents of the APR will consume 1.5 times more oil and 3 times more natural gas.
“This is a huge market with high growth rates. Russia could become guarantor of energy security for APR nations as the world’s biggest supplier of natural resources”, said Russian Energy Minister Alexander Novak in his speech at the session “Energy Cooperation within the Asia-Pacific Region: Building Bridges.”
“Russia’s Far East has competitive advantages that could be capitalised on in mutual energy projects”, noted the participants in the session. One of the promising projects requiring pooling of investments and qualifications is to create an energy ring between Russia, Japan, Korea, China and Mongolia.
The growth of the energy sector and delivery of joint projects with APR nations in this sphere will become the main drivers of progressive changes in the economy of the Far East and Eastern Siberia, where about 13% of oil reserves and 16% of gas reserves are concentrated. Given the low reserves-to-resources ratio, the region has tremendous potential,” Mr. Novak pointed out.
“The tendency towards export reorientation towards APR markets will gather momentum on the gas market. In the future, the volumes of natural resources exported will be comparable with the those of their supply to the European market,” noted Chairman of the Management Committee and Deputy Chairman of the Board of Directors of Gazprom Alexei Miller.
The Second Eastern Economic Forum is taking place on September 2–3, 2016. The forum venue is the campus of the Far East Federal University.