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Russia to invest $1 trillion in energy projects, almost half more than Canada

October 17, 2013, 11:52 UTC+3

Canada intends to invest $650 billion in the next 10 years

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DAEGU, S Korea, October 17 (Itar-Tass) - Russia's investments in energy projects in the next ten years will exceed Canada's funds by almost 50% to amount one trillion dollars, president of the Global Energy non-commercial partnership Igor Lobovsky said at the 22nd World Energy Congress in the South Korean city of Daegu.

"For the next ten years investments in energy projects announced by Russian Energy Minister Alexander Novak will be almost half more that capital investments of Canada, which intends to invest $650 billion during the same period," he said.

Energy consumption of Asia-Pacific countries grows every year, Lobovsky noted. Annual consumption of China alone grows 5.8% with its annual economy growth of 10%.

Russia, as the world's major gas exporter and one of the largest oil suppliers, successfully implements new promising projects with Asian partners, Lobovsky said.

The Global Energy international prize is awarded annually since 2003 for outstanding scientific achievements that bring benefits for all mankind. The idea to establish the prize was proposed by a group of known Russian scientists, supported by major energy companies and approved by the Russian president. The founder is the non-commercial partnership for development of international research and energy projects. An international committee consisting of scholars and experts from various countries and representatives of international scientific organizations decides whom to award. A laureate may be any citizen of any state. The Global Energy Prize fund amounts to 33 million rubles.

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