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Russia to develop energy cooperation with Asia-Pacific countries

September 02, 2014, 9:38 UTC+3 BEIJING

According to Russian side’s estimates, Energy Minister Alexander Novak said, in the medium term prospect the Asia-Pacific reliance of oil imports will reach 80%

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Russia's Energy Minister Alexander Novak

Russia's Energy Minister Alexander Novak

© ITAR-TASS/Artyom Geodakyan

BEIJING, September 02. /ITAR-TASS/. Russia intends to develop cooperation with the Asia-Pacific region states in oil and natural gas supplies, as well as in a number of other energy projects, Russian Energy Minister Alexander Novak said on Tuesday.

“The most noticeable changes in world energy are connected with the increased role of the Asia-Pacific energy market,” Novak said at the 11th forum of energy ministers of the Asia-Pacific Economic Co-operation Organization (APEC). The advanced growth of Asia-Pacific energy resource consumption is stimulated by the improving living standards of the population and rapid economy development,” he added. “Taking into account Europe’s stagnation and demand saturation in the United States, I can state with certainty that the Asia-Pacific role in the world energy industry will be only increasing.”

Novak said noted with regret “the growing influence of political preferences of a number of Western states on the energy sector.” “Obviously, not all are satisfied with Russia’s high status in the world energy industry. Often, in a bid to weaken our positions, these countries act even to the detriment of themselves. In this context, the less politicized Asia-Pacific markets are more attractive for us. I mean not only the increased volume of energy supplies to the region, although this factor should not be underestimated,” he said.

According to Russian side’s estimates, the minister said, in the medium term prospect the Asia-Pacific reliance of oil imports will reach 80%, which will make the region the main importer of this important energy resource. “The region’s share of world natural gas consumption will also noticeably increase, and China will become the leader in the gas demand where a 6-percent growth is expected,” he said.

The APEC forum was established in November 1989 as a tool for peaceful and conflict-free settlement of economic, social, ecological and other problems of the Asia-Pacific region. The association’s activity is based on consensus. Aside from Russia, the APEC brings together Australia, Canada, China, Malaysia, the United States, the Philippines, South Korea, Japan and a number of other countries — a total of 21 states.

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