Page 4 - FSUOGM Week 20 2021

FSUOGM COMMENTARY FSUOGM

Russian energy minister downplays

shift from fossil fuels

Russia's new energy minister, Nikolay Shulginov, has outlined his position on

a number of issues facing Russia's oil and gas sector

RUSSIA RUSSIAN Energy Minister Nikolay Shulginov plunging temperatures. Solar and wind energy
has downplayed the shift away from hydrocar- cannot be relied upon without new energy stor-
bons towards renewables, stressing that oil and age system being developed, he said. A reserve of
gas will continue to play a significant role in the traditional generation, such as gas-fired power
energy mix. capacity, must therefore be maintained.
“One cannot ignore the energy transition,” In response to the energy transition, Russia
he said in an interview with the magazine of the is drawing up plans to establish itself as a major
Russian energy ministry. “But one must under- hydrogen exporter. It is looking to account for
stand that by 2035 neither Europe nor the US 20-25% of the global market for hydrogen trad-
will completely get rid of hydrocarbons and tra- ing by 2035, Deputy Energy Minister Pavel
ditional energy resources will continue to play a Sorokin said last month. The government wants
significant role.” to create four main hubs for producing and
Shulginov became Russia’s energy minister exporting hydrogen in the northwest Leningrad
last November after his predecessor Alexander region, the southwest of Russia, on Sakhalin
Novak stepped down after eight years in the job Island in the Far East and across the country’s
to serve as deputy prime minister. He previously Arctic coast.
chaired the board of Russian hydropower giant “Hydrogen’s production can be developed
RusHydro. using either natural gas or nuclear energy. In
The minister also pointed to the spike this regard, Russia has many opportunities for
in demand for oil and gas last winter due to development,” Shulginov said. “The main thing

P4 www. NEWSBASE .com Week 20 19•May•2021