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Ministry expects share of Russian oil and gas equipment to grow to 70% in 2024

In 2014, as first sanctions restrictions were imposed, it equaled 43%

KRONSHTADT, April 5. /TASS/. Russia’s Industry and Trade Ministry expects an increase in the share of home equipment in the sector of oil-and-gas machine building to 70% in 2024, Deputy Prime Minister, Industry and Trade Minister Denis Manturov told reporters.

In 2023, the share of Russian equipment in the sector of oil-and-gas machine building reached 65%, he added. Meanwhile, in 2014, as first sanctions restrictions were imposed, it equaled 43%.

"The result was reached due to joint efforts of the state, which has allocated around 60 bln rubles ($655 mln) since 2015, and Russia’s machine-building industry that offered over 160 import substitution solutions to the market. We expect the trend of the rising share of Russian equipment to persist reaching 70% by the end of this year," the minister said.

Six agreements on development of key areas of the oil and gas sector has been signed by now, he noted.

"Consequently, we have an understanding on demand for assortment that is being developed. Each agreement is accompanied with a roadmap, which will be expanded later considering the interest of new players of the oil and gas market," Manturov concluded.

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