LOC17:07
14:07 GMT
MOSCOW, Oct 16 (KUNA) -- Russian President Vladimir Putin said Thursday that Russia's energy system is one of the largest in the world, stressing that his country maintains its position as a leading producer of oil, gas, and nuclear energy despite challenges and Western sanctions imposed on it.
This came in a speech delivered by Putin at the plenary session of the Russian Energy Week International Forum in Moscow, where he explained that the global economy is experiencing steady growth, increasing demand for energy from various sources.
He noted that Russia is working to restructure its supply chain and shift toward countries in the South, East Asia, and Latin America via more reliable routes.
He added that "the European Union's refusal to purchase Russian energy resources has led to a decline in industrial production on the continent and a rise in prices," noting that "the decline in production in Germany, is one of the most prominent consequences of this policy."
The Russian President pointed out that the digital economy is creating a growing demand for nuclear energy , Russia is working on developing this vital sector and occupies a leading position in it.
The Russian company Rosatom holds approximately 90 percent of the global nuclear power plant construction market and is the only company capable of building small-scale nuclear plants.
Putin explained that Russia is currently involved in 400 electricity generation projects in 55 countries and plans to operate more than 29 gigawatts of nuclear energy capacity over the next fifteen years.
Russia enjoys complete independence in the nuclear field and offers cooperation to countries that are not subject to political pressure, Putin explained.
Regarding fossil fuels, Russia provides approximately 10 percent of global oil production and maintains high levels of gas production.
He noted that Russia's 2025 oil production cuts are linked to OPEC+ agreements, which he said are achieving positive results in stabilizing the oil market.
He noted that coal still occupies a significant share of the global energy balance, expecting this role to continue for decades to come.
He also emphasized that Russia's energy balance is "one of the most balanced and sustainable in the world."
Russia expanded its domestic gas consumption by extending more than 100,000 kilometers of supply lines in Siberia and the Far East, raising Russia's gas conversion rate to approximately 75 percent, amid a growing trend toward enhancing the role of electricity, which is expected to reach 85 percent of total energy consumption in developing countries within 25 years.
Putin concluded his remarks by emphasizing that Russia would continue to develop its fuel and energy sectors to enhance its economic security and ensure global market stability. He emphasized that his country will remain a "key pillar" in the international energy equation.
The Russian Energy Week International Forum is a major global platform for discussing current trends in the fuel and energy sectors, held annually at the highest levels, with the participation of senior executives from major energy companies.
The forum brings together representatives of Russia's legislative and executive authorities, global business leaders, government officials, energy experts and scientists, and a wide range of media professionals from more than 80 countries around the world.(end)
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