Alexander Novak took part in the panel session Global Energy Markets: The Transformation of Relations and Balance of Interests during the Russian Energy Week International Forum
Alexander Novak took part in the panel session Global Energy Markets: The Transformation of Relations and Balance of Interests during the Russian Energy Week International Forum
Alexander Novak took part in the panel session Global Energy Markets: The Transformation of Relations and Balance of Interests during the Russian Energy Week International Forum
Alexander Novak took part in the panel session Global Energy Markets: The Transformation of Relations and Balance of Interests during the Russian Energy Week International Forum
Russian Deputy Prime Minister Alexander Novak took part in the panel session Global Energy Markets: The Transformation of Relations and Balance of Interests during the Russian Energy Week International Forum.
The forum traditionally brings together heads of government and ministers, top managers of leading companies, experts and analysts who discuss key global energy trends and the future of the energy sector. The forum gathers an increasing number of participants from various regions, including new ones. This year, over 5,000 representatives from 85 countries confirmed their intention to take part. The main theme of Russian Energy Week 2026 is Creating the Energy of the Future Together.
The panel session participants discussed the current state of the global energy sector and its development prospects, issues of the balance of interests, energy dialogue between the West and the East, and changes in traditional resource supply chains.
“Demand for all types of resources continues to increase. This trend will persist during the introduction of e-vehicles, data centres, robotic technologies, and due to industrial development. Hydrocarbons will retain their influence despite the development of renewable energy sources,” Alexander Novak noted.
Minister of Energy of the Kingdom of Saudi Arabia Prince Abdulaziz Bin Salman Al Saud noted that the Kingdom’s cooperation with Russia was significant for both countries. Over the past few years, we have been working together, and this allows us to develop bilateral relations in the most diverse spheres, including the power grid infrastructure, cutting-edge technologies, tourism, medicine, the industry, energy, investment and education, he added. We hope to expand our collaboration still further, he noted.
OPEC Secretary-General Haitham Al Ghais discussed the organisation’s role in the modern world. OPEC is developing together with the world, he noted. This is one of our strong points allowing the organisation to act as a leading forecaster, he added. Our research is taken very seriously, especially in the Russian Federation because our cooperation is outstanding. We focus on economic trends, urbanisation and everything that enables us to make a correct analysis, he said.
Replying to a question about Hungarian-Russian energy partnership, Péter Szijjártó, Hungary’s
Minister of Foreign Affairs and Trade, noted that Hungary treated energy
cooperation with Russian colleagues in a considerate manner. He said that
Russia had never let Hungary down, and that contractual terms were always
complied with. According to Szijjártó, Hungary has always prioritised just one
factor, specifically, national interests.
Mohamed Hamel, Secretary General of the Gas Exporting Countries Forum, shared his outlook on the oil and gas market, noting that beyond 2030, additional capacity development and investment will be required. “We anticipate gas demand will grow by 32 percent by 2050,” he stated. “We believe the golden era of natural gas is still ahead.”
In response to a question about the redirection of Russian energy supplies, Alexander Novak said, “Redirecting supplies to the East is not a forced measure, but a strategy defined by the President. The East is a new centre of growth, and we are ready to cooperate with this region on mutually beneficial terms.”
Bùi Thanh Sơn, Deputy Prime Minister of Vietnam, highlighted his country’s progress in developing LNG receiving infrastructure. “We are coordinating the implementation of gas-fired power plant projects, for which we are building 14 gas terminals set to become operational in 2028,” he explained. “Vietnam needs to diversify its LNG supplies to ensure stability and security in the energy sector, which creates opportunities for working with foreign partners, including Russian ones.”
Türkiye’s Minister of Energy and Natural Resources, Alparslan Bayraktar, stressed the importance of reliable supplies at affordable prices. “Türkiye’s ambition is to achieve energy independence and carbon neutrality by 2050. It is important for us to adapt to the global situation and utilise all available opportunities: renewable energy sources, hydrocarbons, and nuclear energy.”
Foday Mansaray, Director General of the Petroleum Directorate of Sierra Leone, noted the paramount importance of cooperation with Russia. “At the Russia-Africa summit, our President, together with Alexander Novak, agreed to establish a working group on cooperation. Our partnership will be mutually beneficial for both countries,” he said.
Viktor Karankevich, Deputy Prime Minister of the Republic of Belarus, outlined the technological transformation of the country’s fuel and energy sector. “We are strengthening our technological sovereignty by developing industry and nuclear energy, and carrying out a large-scale modernisation of our power grid infrastructure. All this serves our main goal: improving our population’s standard of living.”
Concluding the discussion, Alexander Novak remarked
that the search for a new sustainability in the global energy sector is a matter of balancing interests. “Sustainability lies in ensuring the energy
sector continues to grow and ensures the well-being of citizens. Russia is
committed to a joint search for ways to achieve this.”
