Alexander Novak took part in the panel session “World Energy Markets: Transformation of Relations and Balance of Interests” as part of the International Forum “Russian Energy Week”
Alexander Novak took part in the panel session “World Energy Markets: Transformation of Relations and Balance of Interests” as part of the International Forum “Russian Energy Week”
Alexander Novak took part in the panel session “World Energy Markets: Transformation of Relations and Balance of Interests” as part of the International Forum “Russian Energy Week”
Alexander Novak took part in the panel session “World Energy Markets: Transformation of Relations and Balance of Interests” as part of the International Forum “Russian Energy Week”
Deputy Prime Minister of Russia Alexander Novak took part in the panel session “World Energy Markets: Transformation of Relations and Balance of Interests” as part of the international forum “Russian Energy Week”.
The forum traditionally brings together heads of government and ministers, heads of leading companies, experts and analysts to discuss key trends in global energy and determine what the energy sector of the future will be like. The number and geography of participants is expanding. This year, more than 5 thousand representatives from 85 countries confirmed their participation. The main theme of the 2025 forum is “Creating the energy of the future together.”
During the panel session, participants discussed the current state and prospects for the development of global energy, issues of the balance of interests, energy dialogue between the West and the East, and changes in the usual resource supply chains.
“The demand for all types of resources is growing. This trend will continue to be observed due to the introduction of electric transport, data centers, robotization and industrial development. Hydrocarbons will retain their influence despite the development of renewable energy sources,” noted Alexander Novak.
The Minister of Energy of the Kingdom of Saudi Arabia, Prince Abdulaziz Bin Salman Al Saud, emphasized that the kingdom’s cooperation with Russia is significant for both countries: “Over the past years, we have been working together, which allows us to develop bilateral relations in a variety of areas: electrical grid infrastructure, high technology, tourism, medicine, industry, energy, investment, education. We look forward to further expanding our cooperation.”
OPEC Secretary General Haitham Al-Ghais spoke about the role of the organization in the modern world: “OPEC is developing, like the world. This is one of our strengths, allowing the organization to be a leading forecasting institute. Our research is taken very seriously, especially by the Russian Federation, because our cooperation is outstanding. We focus on economic trends, urbanization and everything that allows us to make the right analysis.”
Answering a question about Hungary’s energy partnership with Russia, Minister of Foreign Affairs and External Economic Relations Péter Szijjártó noted: “We are very careful about cooperation with Russian colleagues in the energy sector. Russia has never let us down; the terms of the contract have always been respected. For Hungary, only one factor is decisive: national interests.”
Secretary General of the Forum of Gas Exporting Countries Mohamed Hamel spoke about the specifics of the oil and gas market, noting that after 2030 additional development of capacities and investments will be required: “By 2050, gas demand will increase by 32%. We believe that the golden era of nature is still ahead.”
Answering a question about the reorientation of supplies of Russian energy resources, Alexander Novak noted: “Reorientation to the East is not a forced measure, but a Russian strategy determined by the President. The East is a new center of development, and we are ready to cooperate with this region on mutually beneficial terms.”
Deputy Prime Minister of the Government of Vietnam Bui Thanh Son shared his progress in developing infrastructure for receiving LNG in Vietnam: “We are implementing gas power plant projects in a coordinated manner, for this we are building 14 gas terminals. They should start working from 2028. It is necessary to diversify LNG supplies for the sake of stability and security in the energy sector. This provides an opportunity to work with foreign partners, including Russian ones.”
Turkish Minister of Energy and Natural Resources Alparslan Bayraktar emphasized that reliability of supplies at affordable prices is important for the country: “The Turkish approach is energy independence and carbon neutrality by 2050. It is important for us to change in accordance with the situation in the world and use all available opportunities: renewable energy sources, hydrocarbons, nuclear energy.”
Director General of the Petroleum Administration under the President of Sierra Leone, Foday Mansaray, noted that cooperation with Russia is of the utmost importance: “At the Russian-African summit, our President, together with Alexander Novak, agreed to create a working group on interaction. Our partnership will be mutually beneficial for both countries.”
Deputy Prime Minister of the Republic of Belarus Viktor Karankevich noted the features of the technological transformation of the country’s fuel and energy complex: “We are strengthening technological sovereignty, developing industry, nuclear energy, and carrying out large-scale modernization of the electrical grid infrastructure. All this allows us to achieve the main goal – increasing the standard of living of the population.”
Concluding the discussion, Alexander Novak noted that the search for new sustainability in global energy is a balance of interests. “Sustainability means that the energy sector continues to develop, ensuring the well-being of residents, and Russia stands for a joint search for ways to resolve these issues.”