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Russian energy sector generates around $125.4 bln in annual investments — Novak

According to Alexander Novak, this creates a "massive demand and enormous opportunities" for the development of the economy, science, and modern technologies

MOSCOW, October 16. /TASS/. The Russian energy sector generates approximately 10 trillion rubles ($125.4 bln) in investment each year and accounts for 16-20% of GDP, Deputy Prime Minister Alexander Novak said at Russian Energy Week.

"Today, speaking of the energy sector’s share in GDP - 16 to 20% - this represents virtually a fifth of federal budget revenues and nearly half of Russia’s exports. Importantly, Russian energy companies generate roughly 10 trillion rubles ($125.4 bln) in investment annually," he said.

According to Novak, this creates a "massive demand and enormous opportunities" for the development of the economy, science, and modern technologies.

The 8th International Forum Russian Energy Week is taking place in Moscow on October 15-17. TASS is the forum's information partner.