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July 13, 2020

Russian Energy Week: Much Needed Dialogue Space

This coming October Moscow will host one of the world’s most significant energy forums: Russian Energy Week. The event is organized by the Ministry of Energy of the Russian Federation, the Roscongress Foundation, and the Government of Moscow.

The COVID-19 pandemic is an outsized factor in terms of stress and unpredictability for the energy industry, with contributing factors including decrease in demand, low oil process, deterred payments, decrease in capital expenses, and rising costs of debt servicing. Yet, the indispensable industry today is going through a large-scale transformation. To this point, new markets are opening up, breakthrough technologies are appearing, digitalization is becoming a priority, and new promising ways of energy transfer and consumption keep coming up.    

“This year is full of exciting events for energy industry professionals. On 16 April President Putin signed the Order # 270 entitled ‘On Developing Technology and Scientific Research for Nuclear Energy Use in Russian Federation”. In June the Government has adopted the Energy Development Strategy for the Russian Federation until 2035 (approved by the Decree #1523-p dated 9 June 2020), which is an important document for strategic planning in the energy field. Both industry documents are significant tools for implementing national projects, outlined in the May Decrees of President Putin that aim towards sustainable socio-economic development in the country. The instability caused by the pandemic has long-lasting, and at times delayed consequences. Energy industry professional may seek for a way out through such means as exchange of experience and information, joining forces, and open dialogue. Much like during the previous years, Russian Energy Week is to be a key venue for illustrating the potential of Russian energy sector and fulfilling the international cooperation potential. The event is traditionally attended by President of the Russian Federation and leadership of global energy corporations. Under current circumstances, the event’s importance only keeps growing,” said Anton Kobyakov, Advisor to the President of the Russian Federation. He also noted that the upcoming Russian Energy Week is going to take place against a fairly volatile background: “Energy industry professionals are known for their readiness to face the unexpected. Russia has a lot to offer to the global energy community in this economic sector today, as well as to provide competitive advantages on the global energy markets in the future.”  

The global crisis propelled by the coronavirus outbreak has significantly altered the global economy, public sphere, and energy markets. Competitive pricing, decreasing demand, falling export revenues, scenarios and forecasts for industry recovery – all the above make up the REW 2020 international agenda. According to Alexander Novak, Minister of Energy of the Russian Federation, both Russian and global energy sectors are facing the need to adapt like never before. In the current situation the most efficient strategy to reach balance in the energy sphere is open communication between government, companies, and public organizations. Primary task of the Russian Energy Week is to provide conditions for such communication.

“Traditionally, Russian Energy Week attracts influential international organizations and institution from the field of energy, as well as industry leaders and experts. Growing number of representatives from Governmental agencies and heads of Russia’s regions attest to Forum’s popularity. Under current circumstances, question related to changing consumption forecasts, modern technologies, environmental agenda, including the switch to green energy are all expected to be discussed,” said Alexander Novak, Minister of Energy of the Russian Federation and Chairman of the Organizing Committee of the Russian Energy Week.