The energy sector remains one of Russia's top priorities

The energy sector remains one of Russia's top priorities

The President noted that the sector accounts for almost a third of Russia’s GDP and around 40 percent of the budget’s tax and customs revenue. The country’s overall economic wellbeing depends on the sector’s stable performance.
Mr Medvedev outlined a series of key objectives in the sector. First, Russia needs to develop and launch a long-term market for electricity capacities and create the right conditions for investment in new generating capacity.
Second, all of Russia’s major energy companies must make it a priority to speed up modernisation of existing and construction of new oil refineries producing world standard products.
Third, there need to be incentives for companies to develop new deposits and make rational use of sub-soil resources.
The President said that particular attention should be paid to the coal mining sector, making it more competitive and improving safety in mines.
Mr Medvedev also touched on the issues of monitoring and recording oil products’ movement, alternative energy sources, and developing a gas exporters’ consortium.