Novack speaks about new projects in power engineering

The total sum of investments into oil and gas sector of Russia will be more than 2 trillion dollars to 2035. However, investments into energy efficiency are about 240 billion dollars, as head of the Ministry of Energy of the RF Alexander Novack said at the meeting of ministers of power engineering G20.

There is some place for electric power, which is supposed to be increased in 8 times, up to 74 billion kilowatt-hours. In particular, a working out of projects with China, japan and a number of Asian countries is in process.

Russia is not going to develop this sector in isolation from the world, the minister noticed. “In each direction of development of power engineering Russia aims to act in a tight cooperation with foreign partners by inviting them for the participation in power projects of investors from different countries of the world”, he said.

A number of projects, that will do Russian power industry more available for foreign clients, are in the process of realization. Among them are, for instance, regeneration of the North sea way, development of a pipeline system VSTO. Realization of the East gas programm and building of gas pipelines in the direction of China.

However, we need money for that. So, Alexander Novack suggested the other countries to think of variants of a state support of the oil and gas industry.

“Investments into large power projects can't often be realized without the state support. Herewith, the states can use different instruments, including participation in the capital of projects, tax privileges, credit guarantees, support of the development of necessary technologies and so on. In our opinion, it would be interesting to compare possible forms of a state support of investors, that can be either private or state companies”, he concluded.