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This year, the 7^th edition of REW, themed Energy Cooperation in a Multipolar World, brought together over 4,000 participants from more than 50 countries.

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President of Russia Vladimir Putin: Ladies and gentlemen, friends, colleagues,

I am delighted to welcome you all to Moscow, to the 7^th Russian Energy Week.

This forum has long become a permanent fixture in the business schedule of the global energy sector, once again bringing together the heads of leading companies and industry organisations, government officials, prominent specialists, experts, and journalists.

This year, more than 4,000 participants from over 50 countries will be discussing the most important issues on the energy agenda, and the challenges that both producers and consumers of energy resources are facing around the world.

In addition, this forum is an excellent opportunity to establish new contacts, make deals and exchange views on the long-term prospects of the fuel and energy sector.

Modern energy is one of the key sectors enabling global development. Its smooth operation based on transparent and predictable rules, when deposits are developed and resources are extracted, processed and supplied to the market without interruption, creates a solid foundation for economic growth, social progress, and improvement of the people’s living standards.

Unfortunately, this truism is being increasingly disregarded by those who resort to illegal sanctions, believing that such tactics can give them benefits and advantage in the energy market.

What are we talking about here? Historically, the main elements of the supply infrastructure of the global energy market happened to be consolidated in the West. I am referring to innovative mining solutions, logistics, insurance of resource supply, and the system of payments for these operations. Taken together, this constitutes a global energy platform on a par with technologies.

The Western elites believed that they could close access to these services for the countries they regard as inappropriate politically, thereby pushing them to the curb of progress, or more precisely, squeezing them out of the market. I believe that many would agree with me that all these instruments are being used above all for unfair competition.

The reason for this is obvious: the West does not want competition because it cannot handle it, because it loses the competition if it plays fair, which is why it resorts to discrimination presenting it as so-called Euro-Atlantic solidarity, the protection of human rights, and the like. There are many other pretexts.

What does this lead do? By closing access to its platform, the West has only encouraged the development of alternative solutions, alternative logistics, insurance and international settlement systems, as well as technological innovations. Of course, it is not a simple process, and it involves hard work by those involved, but the process is going on progressively.

I would like to emphasise that these solutions are mostly immune to external influence. And since they are being gradually shaped on a fundamentally new technological basis, they are becoming more effective by the day and, which is even more important, more widespread, first of all in the countries that are gathering momentum and demonstrating a high economic development pace.

I have said many times that the modern world has entered an era of fundamental and irreversible changes. A multipolar development model is emerging, starting a new wave of global growth for the rest of the 21^st century. And this growth will be concentrated not in Europe or North America. Of course, the European and the US economies rely on a very solid and powerful foundation, and of course, they will keep running, and it will be quite a while before they run out of steam completely. That said, Europe and North America will no longer operate as the main growth drivers. They are gradually losing their weight in the global economy. This growth will shift to BRICS countries and the states that are willing to join our association and view equal cooperation with due respect for national interests as the promising way to proceed.

I have already said this before but let me repeat it for this audience one more time. These are objective, international data. In 1992, the G7 accounted for 45 percent of global GDP, while BRICS had just 22 percent. As of the end of 2023, the G7’s share declined to 30 percent, while BRICS increased its share to 36 percent. And this trend is gaining traction.

Let me note right away that, according to international experts, several BRICS countries, including the People’s Republic of China, the Russian Federation, the United Arab Emirates and Saudi Arabia will enjoy positive, albeit quite modest, economic trends. Once again, this is what experts have been saying, including international experts. At the same time, the countries of what we call the Global South will lead the pack in terms of – I would like to stress it − economic growth rates. For now, their per capita GDP is quite low, and so is the share of people living in cities, but they have a high birth rate. This group primarily includes countries in South and Southeast Asia, as well as Africa, including Equatorial Guinea, whose President, His Excellency Teodoro Obiang [Nguema Mbasogo] is taking part in this plenary session. I would like to ask you to greet him. (Applause.)

To reiterate, BRICS – and Russia is chairing this organisation this year – sees its mission as combining economic capacities and creating a broad space of opportunities for everyone who is interested in harmonious and mutually beneficial cooperation. I would like to emphasise that it is mutually beneficial, that is, cooperation that benefits the interests of all our nations.

We intend to build an effective development platform for countries that are promising growth centres now or will become ones – a platform free from malign outside influence, with unimpeded access to resources, technology, personnel, finance, trade and investment. In particular, I am referring to the energy sector, which, as I said, is crucial for economic growth and social progress.

Russia, despite the challenges it is facing – everyone knows what they are, and in fact, everyone is facing challenges, so we have our own, too, and they are serious enough – nevertheless, Russia remains one of the leading participants in the global energy market. Over the past two and a half years, Russian companies have successfully redirected their exports of oil, petroleum products, and coal. Previously, the Asia-Pacific region accounted for about 39 percent of our energy exports, but by the end of last year, its share exceeded 60 percent.

In general, friendly countries account for over 90 percent of Russia’s energy exports today. At the same time, in physical terms, with the exception of natural gas (it is also clear to experts why), they have practically remained at the 2021 level.

Russia is expanding the geography and scale of its energy cooperation. New routes are being created to connect to fast-growing receptive markets, including the countries of the EAEU, the CIS, and southern Eurasia. Gas exports through the Power of Siberia pipeline are increasing, and LNG exports continue to grow.

In fact, LNG from the Russian Arctic has become one of the anchors, the main type of cargo shipped via the Northern Sea Route. We will definitely continue to develop our own LNG services and technologies, create centres for its transhipment, storage and trade. We will ensure enough tankers for our LNG projects; we will definitely augment the capacity of our Arctic and Eastern seaports, improve communications and enhance the Northern Sea Route infrastructure.

My Russian colleagues know what I am talking about – how they are being roadblocked in what they do. Indeed, this partially hinders the implementation of our plans, but they will be implemented, nonetheless.

In general, we are expanding international transport corridors. Freight traffic on these routes is scheduled to increase by at least 50 percent by 2030 compared to 2021.

In particular, we are further developing the Eastern Operating Domain. The throughput capacity of the Baikal-Amur Mainline and the Trans-Siberian Railway, which is nearly 180 million tonnes this year, will grow to 270 million tonnes in ten years, which will allow us to transport large volumes of fuel and energy products and refined products from our regions in Siberia to markets of the Global South.

Financial infrastructure, or more precisely, the system of payments for Russian exports, is a separate matter. There are certain difficulties here. To resolve that problem, we are switching to settlements in national currencies, which is of great interest to our partners. There are many problems in this sphere as well, which we are aware of, but we are gradually settling them. For example, the share of the ruble in our foreign trade transactions is approaching 40 percent. Between 2021 and 2023, the share of the ruble in export payments has grown nearly threefold to 39 percent, and the figure reached 39.4 percent in the first six months of 2024.

At the same time, as part of our cooperation with BRICS countries, we are involved in the creation of our own payment configuration that will provide conditions for servicing all foreign trade efficiently and independently.

I would like to add that Russian energy exports help friendly countries restrain the growth of import prices, maintain their energy security and economic stability, as well as compete more successfully in the global market.

We are resolved to continue to move forward, and we will not limit cooperation to trade in resources. Russia is ready to help strengthen the technological sovereignty of its partners in the energy sphere by creating comprehensive scientific and production chains. This is what we are doing in terms of cooperation in the peaceful use of nuclear technology. Rosatom is building nuclear power plants abroad and simultaneously training local personnel – engineers, workers and managers for the new facilities. In fact, we not only build power plants but, as Rosatom says, create new power generation and economic sectors for our partners.

I am confident that this combination of intellectual and resource potentials of different countries and our advance to new levels of international cooperation will create additional opportunities for the national school of research and for developing engineering, services and, of course, the entire energy sector in Russia.

Colleagues,

Last year’s energy consumption in Russia again set a new record that exceeds the Soviet-era indicators. You are well aware that growing energy consumption is the most unmistakable sign of economic growth.

At the same time, our energy system, one of the world’s largest, not only meets the growing demand from businesses, the economy, and the social sphere, but also is in the process of qualitative transformation. Over the past 15 years, the total capacity of the Russian power industry has increased by 18 percent, while the power plants themselves have undergone an in-depth overhaul, becoming more advanced, effective, and environment-friendly.

For example, natural gas, an ecologically clean and effective hydrocarbon, accounts for 48 percent of Russia’s energy balance and for over 85 percent, if we throw in the nuclear and hydraulic power industries that have a minimal carbon footprint.

What I mean is that our energy balance is one of the “greenest” in the world; this is an absolutely obvious fact. Unlike certain Western countries that use the climatic agenda to promote their essentially neo-colonialist interests, we are implementing a fair and orderly energy transition in practice, a transition that takes into account our natural conditions, the socioeconomic development of our cities and the entire national territory, as well as the structure of this country’s energy and fuel balance.

We will continue to follow this approach in the future. We will continue to upgrade and strengthen our energy system, which has entered upon a stage of retooling and conversion to new technological solutions.

Among other things, we are creating a substantial scientific and practical potential in a number of promising areas, such as renewable energy sources, small nuclear power plants, thermonuclear fusion, as well as hydrogen generation and production of motor vehicles, ships, and rail transport burning this kind of fuel.

True, research and technologies are at different stages of implementation in this regard. But to reiterate: it is important to be aware of this outlook and make plans for the future.

As you know, I have instructed the Government to extend the planning horizon for Russia’s energy strategy until the middle of this century. This strategy sets forth an ambitious and comprehensive plan to expand our generating capacity at a national scale. All these undertakings imply long cycles, and we must be forward-looking when working on them, and this is exactly the way we have been treating them.

Major, system-wide projects with long investment cycles will define these efforts, including, as I have already said, projects to master new technology, develop deposits and build the necessary infrastructure, power stations and grids.

I would like to remind my colleagues in the Government that we will need to draft a revised Energy Strategy in the coming months, and then carry it out, one step at a time, by focusing on our priority long-term objectives to develop Russia’s fuel and energy complex. As far as I know, the Government is currently in the process of coordinating these parameters among the agencies.

I talked at length about these priorities a year ago, during the previous Energy Week. Let me remind you that our key priority is to satisfy demand on the domestic market and to ensure stable and affordable power supplies to our regions, cities and companies. Let me put a special emphasis on the fact that the fuel and energy sector must play its role in ensuring that all the 2030 national development goals are fulfilled.

According to the available estimates, power consumption will grow at an [annual] rate of two percent until the end of this decade, which is about the same level as for the rest of the world. During this period, we intend to launch 27 gigawatts of new power generating capacity, including thermal, hydro and nuclear power plants.

We will promote connectivity between the power grids in the Urals, Siberia and the country’s east, while paying special attention to supplying power to Russia’s Far East. Power consumption there has been growing at a rate exceeding the national average, and it is expected to increase even more as manufacturing expands and as new housing, infrastructure and social facilities are built. Our energy sector must be able to meet this demand, including by using modern coal power generation, with low environmental stress.

I have already issued instructions to draft a long-term development programme for the Far Eastern Federal District’s energy sector. Just like the national Energy Strategy, it will cover a period until 2050. I would like to ask the Government to fast-track the approval procedures for this document.

Increasing the reliability of power supply to the regions is a separate matter. This year, we have applied a fundamentally new approach: we have introduced territorial grid organisations. Starting in 2025, these organisations will operate in each region of the country and will be responsible for power supply. They will also take over abandoned facilities (unfortunately, there are some) and address the consequences of accidents on networks, among other responsibilities.

I would like to ask the Government, together with the heads of the Russian regions and energy companies, to analyse the effectiveness of territorial grid organisations on a regular basis and to draw up a plan for increasing the reliability of power supply for each region, with transparent financing sources developed in advance. All tools must be used, from regulatory agreements and infrastructure loans to concession mechanisms and service contracts.

I would also like to mention the gas industry, which is undergoing serious changes. It is not only reorienting exports from the west to the east but also significantly increasing supply to the domestic market, including under the social gas supply programme launched in 2021, which is progressing at a good pace. I would like to thank the Gazprom management for this. Of course, our largest gas company, Gazprom, plays a leading role in this.

I would like to ask the company and its management, together with the Government, to prepare a ten-year plan, the implementation of which will ensure the corporation’s sustainable development and the creation of infrastructure necessary to change the geography of supplies. Let me reiterate, it must take into account our extensive plans to supply gas to all Russian regions and increase gas processing within the country.

We all understand what I am referring to when I discuss redistribution of routes. Those who were once our buyers have decided to give up our relatively inexpensive energy resources and switch to a more costly alternative. Well, that is their choice; let them rely on this expensive resource.

Next, the growth of hydrocarbon processing volumes at Russian plants and complexes is another priority task for the domestic fuel and energy complex. It is crucial to provide a raw material base and the necessary resource extraction. We have already identified special tax incentives for this.

Thanks to state support measures, offshore fields, such as Prirazlomnoye in the Arctic and projects on Sakhalin, are being developed. Hard-to-recover reserves are being developed: the Palyanovskoye oil field in the Khanty-Mansiysk Autonomous Area and the Yuzhno-Neprikovskoye field in the Samara Region. New oil and gas provinces are being introduced in Eastern Siberia and the Arctic. I mean large projects, like Vostok Oil in the Krasnoyarsk Territory, and the Utrenneye and Shtormovoye fields on the Gydan Peninsula. The coal mining centre in the Far East is expanding its capacity. The Pacific Railway will also start operating next year. It is a private railway going from the Elga field in Yakutia to the port of Elga in the Khabarovsk Territory.

Let me repeat, it is essential that the exploration of Russia’s unique reserves makes it possible to develop domestic processing enterprises, creating maximum added value right here, in Russia.

We have launched a state programme to upgrade oil refineries. Its goal is to provide the economy, cities, all populated areas and people with high-quality fuel, lubricants, bitumen, and other products. I would like to ask the Government to closely monitor how this programme is implemented and to work specifically on every enterprise, on the timing of repairs, and renovation of production.

Special focus must be placed on the development of oil, gas, and coal chemistry. According to estimates, the demand for these products will only grow both in Russia and around the world. Moreover, these sectors are highly profitable. The price from raw materials to final goods in the chains can grow up to 12 times.

Russia implements projects in this sphere, which are large even by global standards. The country’s largest petrochemical plant, ZapSibNeftekhim, is operating, and the Amur Gas Chemical Complex, which will become the most powerful Russian enterprise for the production of basic polymers, is being built. There are other large projects as well. It is important that there be more such projects, that new production facilities are opened in various regions and modern, well-paid jobs are created. I have already drawn the Government’s attention to this and would like to repeat it again: these business initiatives must be supported.

Furthermore, it is clear that, under current conditions, the reliable operation of production fields, pipelines, refining facilities, and power plants, as well as the fuel and energy complex in general, is dependent on the availability of our own specialists, technologies, and competencies in the equipment used for producing and delivering resources, power engineering, and so on.

A national project to be launched next year will serve as a major system-wide instrument of support for domestic initiatives. It is called New Nuclear and Energy Technologies. This national project will set ambitious goals, namely, to consolidate Russia’s global leadership in the nuclear sector. It aims to consolidate that leadership, as our current standing is indeed global. This is evident from the volume of work that Rosatom, our leading company, is doing.

Ensuring the country’s technological sovereignty across all spheres of the fuel and energy complex is the goal of this new national project. I ask my colleagues in the Government, together with our business and academic communities, to elaborate all the details of this national project with a view to launching it without delay.

Colleagues,

Russia’s fuel and energy complex is a modern, dynamic industry. It successfully meets current, including global, challenges and strengthens the raw materials, technological, and industrial sovereignty of our country; it supports and develops trade and cooperative ties with responsible foreign partners.

Russia is fulfilling its obligations to supply energy resources to the world market and plays a stabilising role within it, participating in such authoritative formats as OPEC Plus and the Gas Exporting Countries Forum. Incidentally, we cooperate with the country represented by our guest in both organisations, and we will certainly continue this collaboration with our partners.

I am confident that the strategic and long-term tasks facing our energy industry will undoubtedly be accomplished. This means that our energy companies, their workforce, and the industry as a whole will be provided with stable and reliable work for many years to come. They will make a significant and tangible contribution to achieving Russia’s national development goals and improving the quality of life for our citizens. And, of course, they will continue to contribute to balancing the world energy markets for the sake of sustainable global development.

Thank you.

President of the Republic of Equatorial Guinea Teodoro Obiang Nguema Mbasogo (retranslated): Your Excellency President of the Russian Federation Vladimir Putin,

Your Excellencies heads of delegations and representatives of the organisations present in this audience,

Ladies and gentlemen,

It is a great honour for me to speak at the 7^th Russian Energy Week International Forum themed “Energy Cooperation in a Multipolar World.”

We are grateful to the hosts for inviting Equatorial Guinea to participate in this exchange of experiences and best practices to address challenges in the energy sector and to expand international cooperation, being mindful of the important role that the energy sector plays in the national economies.

I would like to express my deep gratitude to the Government and the people of the Russian Federation, as well as to my good friend President Vladimir Putin, for the warm welcome and hospitality extended to us the moment we arrived in Moscow, a wonderful city with a long history.

Your Excellency, ladies and gentlemen,

This forum is taking place in an international setting marked by economic and financial crises sparked by a decline in hydrocarbon prices and the repercussions of the COVID-19 pandemic, which we must address as a team and stand together as we seek solutions.

Indeed, we live in an era of major changes and challenges. We are faced with the realities of a world in transition in terms of the structures that bolster our economy. In this context, the energy sector plays a crucial role as a pillar supporting our state. Considering this, our current positions will have long-term consequences for generations to come.

Equatorial Guinea is determined to deepen energy cooperation with Russia and other friendly countries. Our country is rich in natural resources, such as oil and gas, and is open to forging strategic alliances with willing partners.

We strive to build a future where our respective economies will benefit from genuine cooperation based on mutual trust and shared benefits, which will be advantageous for our societies.

This is why we encourage Russian companies and companies from other friendly countries to cooperate with us not only in energy production, but also in the exploration and development of our oil and gas resources. Such partnerships should not be limited to the production of resources but should include knowledge transfer, technological training, and the promotion of modern energy infrastructure development.

Our goal is clear: we want Equatorial Guinea and our partners to streamline the use of our respective energy resources while using the latest technologies available in this sector.

Your Excellency,

Ladies and gentlemen,

While discussing the energy sector’s progress, we cannot overlook one of the most pressing problems facing the world: energy poverty. Millions of people do not have reliable access to energy. To address this, the Republic of Equatorial Guinea is cooperating with its African partners, working as part of the strategic partnership and the Central African Pipeline System finance committee. We invest in building energy infrastructure to stimulate the economy and improve the living standards of our societies.

Equatorial Guinea believes that energy cooperation should be guided by a fundamental principle: to ensure the stability of energy markets, protecting the most vulnerable segments of the population from market volatility.

On the other hand, Equatorial Guinea strongly supports strategies and efforts to stabilise global energy markets. In this regard, we call on all international stakeholders to work together to reduce uncertainty and promote appropriate market policies. Energy should not be a weapon that divides us, but a means to achieve common prosperity. It is our collective responsibility to ensure that the least developed countries are safely protected from fluctuations in energy prices and are not excluded from the benefits of energy and advanced technology.

In addition, while, as oil producing countries, we all share the same markets, not all of us enjoy the same advantages. To address this, the national oil company of Equatorial Guinea, GEPetrol, took over the management of several oil projects that were previously managed by ExxonMobil. The new arrangement enabled GEPetrol to spur the country’s hydrocarbon sector and begin shipments of crude oil from those projects in July this year.

Your Excellency,

Ladies and gentlemen,

Today, there is an ongoing debate about the phase-down of fossil fuels. The idea behind decarbonisation is to reduce our carbon footprint. However, it should be noted that Equatorial Guinea is not among the countries with the highest carbon dioxide emissions. On the contrary, our emissions have almost no impact on climate change.

However, meeting the global decarbonisation targets is a major challenge for the Republic of Equatorial Guinea. Nevertheless, we are required to switch to carbon-free sources. Furthermore, Equatorial Guinea does not possess the same kind of advanced technology supporting decarbonisation that more developed countries have access to. Therefore, we cannot accept or support the energy transition that leaves the least developed countries behind.

It is necessary to acknowledge and accept the fact that the pace of adaptation to new market conditions will vary across the globe.

Your Excellency, ladies and gentlemen,

Ensuring a prosperous future for energy is our shared responsibility, which implies collaborative efforts – efforts that Equatorial Guinea is calling for – that are based not just on energy production, but also on a shared resolve to promote stability in energy markets. This will lead all of us to a fair technological transition.

Cooperation is impossible unless it seeks to achieve common goals and is based on mutual benefits. More than that, it is impossible to talk about cooperation without a consensus based on considering each other’s interests and respect for other countries.

I would like to close by wishing the 7^th Russian Energy Week International Forum, just like all the previous ones, every success. May the outcomes of the discussions and your proposals lead to a world free of injustice in the energy sector.

Thank you very much.

Vladimir Putin: Friends, colleagues,

You have a full working week ahead of you. A week of contacts and meetings during which you will sit down and discuss the issues that brought you to Moscow. Without a doubt, your work during the forum and, more broadly, your current efforts are impacted by the political developments around the world.

Politics and the economy are closely intertwined, especially in a critical and fundamental economic sector such as energy. This link can be traced to the early days of human history. It is obvious. Now, it has become clear to the point where even those who are not involved in the economy or politics are aware of it.

However, we have here the people who are accustomed to doing concrete things, rather than telling others what they should be doing and how. We have businesspeople in this audience. The outcomes of your work will have a significant impact on both the economy and politics.

I wish you success in this joint event and hope that your efforts will be as free of politics and as pragmatic as possible. I wholeheartedly wish you success.

I would like to thank our foreign guests for coming to our country, Russia’s capital, Moscow, in these challenging times.

I wish you all the best, every success, and prosperity. Good luck.

Thank you.