Mikhail Mishustin: “These sectors of our national economy are of crucial significance for the stable operation of enterprises and for enhancing the quality of life for our citizens.”
Mikhail Mishustin’s opening remarks:
Mikhail Mishustin’s opening remarks at a strategic session on the development of the oil and coal sectors until 2050
Mikhail Mishustin’s opening remarks at a strategic session on the development of the oil and coal sectors until 2050
Mikhail Mishustin’s opening remarks at a strategic session on the development of the oil and coal sectors until 2050
Good afternoon, colleagues.
Today we will discuss a long-term development strategy for our oil and coal sectors. These sectors of our national economy are of crucial significance for the stable operation of enterprises and for enhancing the quality of life for our citizens.
Russia has preserved its leading position on the global energy market despite the sanctions. We are actively expanding logistics routes, primarily towards friendly states, and financing the relevant infrastructure. At the same time, it is essential that we satisfy our own requirements, in accordance with the objective formulated by the President.
To reinforce our technological sovereignty in all sectors of the fuel and energy complex, we have launched the New Nuclear and Energy Technologies national project this year. It stipulates more energetic support for the design and implementation of advanced national solutions and modern materials, equipment and component parts. This will help companies accelerate the modernisation of their production facilities and join efforts to create a solid foundation for future growth.
Our focus is on the oil sector, which accounts for about 20 percent of GDP. Annual investment in this sector exceeds 5 trillion roubles, which is also promoting the development of many related sectors.
The prices of our deep conversion raw materials and petrochemicals have for years been substantially lower than in the majority of other countries. Of course, it is important to regularly monitor this situation. Our economic competitiveness depends on the maintenance of these prices at an acceptable level.
There is hard work ahead with the hard-to-recover oil reserves. We will also enhance the development of deposits in the new regions. We will hold an in-depth discussion on the possible solutions.
Russia accounts for about 10 percent of the global oil market. We are working closely together with our OPEC+ partners and are aware of our responsibility for global energy security.
Regarding the coal sector, the President has pointed out that it still has good development potential. Global coal consumption has increased by 80 percent over the past 25 years. We believe that coal demand will continue to grow, primarily in the metallurgical sector. On the other hand, coal reserves in other countries, including in Southeast Asia, are modest.
This offers an opportunity to increase our exports to the key external markets. To make full use of this opportunity, we must find solutions to a number of difficult problems in logistics and reduce our companies’ coal transportation expenses. More precisely, we must continue to increase the carrying capacity and cargo transportation via the Eastern Operating Domain’s railway network. This involves the construction of new infrastructure and the manufacturing of powerful locomotives and new-generation wagons with a larger payload capacity. We also need to discuss additional mechanisms for boosting the development of Kuzbass and other coal-mining regions in greater detail.
Colleagues, our meeting is attended by the heads of leading companies in these sectors, heads of regions and members of our expert community. We must work together to discuss proposals for improving systemic assistance to these sectors, and to create new effective incentives for attracting private investors and fulfilling the tasks aimed at achieving the national goals formulated by the President, primarily improving the quality of life for our citizens.
