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Putin: Russia plans to increase atomic power share in its energy balance from 16% to 25%

May 23, 2014, 14:40 UTC+3
Russian president named hydrocarbon reserves on the Yamal Peninsula and in the Arctic region 'planetary'
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Vladimir Putin

Vladimir Putin

© ITAR-TASS/Mikhail Metsel

ST. PETERSBURG, May 23. /ITAR-TASS/. Russia plans to increase the atomic power share in the country’s energy balance to 25%, Russian President Vladimir Putin said on Friday at a meeting within the framework of the St. Petersburg International Economic Forum (SPIEF).

He said that at present this share in Russia reached 16%, while in some European countries, for example, in France, it reaches 80% “We have the development plants, we want to attain at least 25%,” Putin said.

The president told the forum participants about the plans for the construction of 20 - 25 large power units in Russia. “It’s almost the same number as during the entire history of the Soviet atomic power,” he noted.

Putin also stressed that new atomic power facilities would be built according to the most up-to-date standards and they would be maximally safe, taking into account the “Fukushima plus” formula. Putin added that Russia would also develop its atomic power as science.

 

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Infographics Russian gas in Europe Russian gas in Europe
One-third of gas consumed in EU comes from Russia. Infographics ITAR-TASS
Companies that make investments in prospecting of mineral resources in Russia can be granted a preferential right for licensing in development, but the government should resolve this issue, he added.

The president gave this comment on Canada’s Kinross Gold Corporation CEO Paul Rollinson’s speech proposing to simplify these processes in Russia.

“As for simplification of issues of prospecting and extraction (mineral resources) after a permit is granted - one decision is linked with another one,” Putin noted, adding that “If we permit prospecting, we proceed from the assumption that those who invest resources, money in this prospecting will also receive a licence for development later.”

Meanwhile, he noted that this issue is not settled “automatically.” “The Russian government should decide on granting licences,” Putin added.

As for the mass involvement of workforce, this is also possible in certain areas and in the event of the implementation of large projects, including joint undertakings, especially with regard to infrastructure Vladimir Putin Russian President  Russia may hire foreign workforce for implementing large-scale projects in Russia, President Vladimir Putin said on Friday.

“As for the mass involvement of workforce, this is also possible in certain areas and in the event of the implementation of large projects, including joint undertakings, especially with regard to infrastructure,” Putin said at the St. Petersburg International Economic Forum.

Russia is planning to carry out a large number of infrastructural projects that will be financed from its national wealth funds, Putin said. “We do not rule out the possibility of attracting foreign workforce.”

Russian state authorities intend to broaden access to cheap investment resources and limit the credit interest rate to investors at the level of inflation rate plus one percent in the mechanism of project funding.

“We will introduce actively the mechanism of project funding, primarily in production industries,” Russian President Vladimir Putin said at a plenary session of the St. Petersburg International Economic Forum on Friday. “It envisages allocation of monetary resources for a long time, flexible and easy terms of crediting for investors, meanwhile, the final cost of these credits should not exceed the inflation rate plus one percent,” Putin noted.

“The government and the Central Bank should make proposals to this effect already in a few days,” Putin said, adding that “All legal acts required for launching mechanisms of project lending should be enacted before the end of this year,” the president noted.

 

Projects with China

The deal between Russian energy giant Gazprom and China is intended for 30 years, but reserves in Russian deposits will be enough for 50 years, Russian President Vladimir Putin said.

“This deal is intended for 30 years, though I believe that deposit reserves will be enough for 50 years. They are underestimated. Extractable reserves in two fields which we should produce - Kovytka and Chayanda - 1.5 trillion (cubic meters of gas) at each field. This is an aggregate three trillion (cubic metres of gas). But in fact, I repeat that there is much more reserves there,” the president said.

Gazprom CEO Alexei Miller said the deal envisaging the supply of 38 billion cubic meters of natural gas to China annually was the largest contract for the Russian energy giant.

Russia to invest $55 billionn within 4-6 years under gas contract with China. At the same time China to invest $20-22 billion in infrastructure under gas deal with Russia. 

The president noted that plants to produce helium and gas chemicals and new infrastructure facilities would be built under the contract, and thousands of high-tech jobs would be created. It will be the world's largest construction, he added.

 

 

Gas supply system

Russia will have a unified gas supply system that will permit to diversify gas supplies in any direction,  Russian President Vladimir Putin said at a meeting with Russian and foreign business circles at the St. Petersburg International Economic Forum.  He also noticed that the deal between Gazprom and China is signed for 30 years, but reserves in Russian deposits will be enough for 50 years. 

The gas project with China is diversified and recoupable and will give an opportunity to develop eastern Russian regions.

Putin said after the signing ceremony that Russia and China would immediately start to work on the western route of natural gas deliveries to China from Western Siberia.

He named Russian hydrocarbon reserves on the Yamal Peninsula and in the Arctic region 'planetary'.

Russia was world’s third by foreign direct investments last year, Putin added. He added that direct investment in Russia reached almost $64 billion in 2013. 

“Certainly, we are not going to stop and will move forward,” he said.

 

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