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Source: Russia Ministry of Energy

Vladivostok, September 5. – Deputy Minister of energy of the Russian Federation Pavel Sorokin on the sidelines of the Eastern economic forum in an interview with radio Sputnik said about what adheres to the policy of the state concerning the development of offshore production, why increase even at low oil prices and how is the situation with fuel supply regions of the Far East.According to Pavel Sorokin, that offshore oil production is today considered to be the most difficult from the point of view of development.“For this reason, the practice of co-investment to limit financial risks, and to attract partners for joint development of reserves. The key issue here is the monetization of inventory and how quickly we want to start monetizing our natural resources. Right here partners are a vital link to ensure that we could shorten the path from idea to directly retrieve and sale of these stocks,” said Pavel Sorokin.However, even with the low cost of hydrocarbons do not forget about the development of technologies for offshore production.“The age of hydrocarbons is not eternal, there is a risk to stay with the stocks of hydrocarbons that are not wanted. In my opinion, is much better now to make the most of opportunities to Renta worked for the development of the whole country, to subsidize the needed industries,” – said the Deputy head of the Ministry of energy.Answering the question about the situation with fuel supply in the Far East, Pavel Sorokin noted that the task of keeping the fuel prices within the inflation rate remains in the list of priorities of the Government overall and the Ministry of energy in particular. “We believe that any price fluctuations in this market must be addressed again by market methods. To go the way of pricing is to create risks for productionmachine, violate the fundamental principles of the market. The most effective method here is a compensation of the price difference due to damping reverse the excise duty,” recalled Pavel Sorokin.The full interview is available on the website of the radio station.


From 25 to 28 June 2019 will be held the VII Russian international energy forum (RIEF-2019) – one of the largest specialized exhibition and Congress events in the sphere of fuel and energy complex.


EDITOR’S NOTE: This article is a translation from Russian Language to English.

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