Follow RT as we take you to the economic forum in Russia's Far East. We’ll keep you updated on major international deals that happen during the day. Stay tuned!
05 September 2015
Infrastructural development is a major matter discussed at the Forum.
Radio Sputnik’s political analyst Andrew Korybko discussed upcoming projects in this sphere with Vice President of FESCO Group, one of the leading privately-owned transportation and logistics companies in Russia
04 September 2015
Several cities in the Russian Far East will become free ports. Local authorities expect the new status will attract ship owners and thus boost business in the region.
Oil producing countries are unlikely to cut crude output now, said Novak.
If you cut production now, prices will go up; inefficient projects once again will become profitable. This will subsequently increase the production of shale oil and, as a consequence, the prices will start to fall again, he said.
President Vladimir Putin said he sees nothing dramatic in the high volatility in energy prices.
Putin has also supported the transition of the national budget from the current three-year period to annually, saying it’s now “impossible to forecast how world markets will behave under current conditions and how it will affect the budget revenue.”
China's Sinopec will acquire a 10 percent stake in Sibur, a Russian gas processing and petrochemicals company, which will draw investment from China, Novak told RT.
Gazprom will supply Egypt with one million tons of liquefied natural gas annually for five years, said Russian Energy Minister Aleksandr Novak.
Japan suggests that Russia should use the yen instead of the US dollar to minimize business risks, said the Japan Bank for International Cooperation Senior Managing Director Tadashi Maeda.
READ MORE: Sanctions could lead to Russia-Japan currency swaps
Moscow and Beijing are negotiating an increase in Russian oil supplies to China, said the chairman of the China National Petroleum Corporation (CNPC) Wang Yilin.
"China currently imports 15 million tons of crude oil from Russia through a pipeline. Now we are working on building a separate pipeline to increase the supply of crude oil to China,” he said.
There is no planned meeting between Vladimir Putin and Barack Obama, said the head of the Russian Presidential Administration Sergey Ivanov.
Energy deals between Russian oil major Rosneft and Chinese partners will be worth more than $500 billion in the next 20 years, according to Rosneft CEO Igor Sechin.
"Taking into account mutual trade and the existing contracts, the total value of cooperation of our company [with Chinese partners – Ed.] through 2035 will amount to $500 billion at current prices," Sechin said.
Russia will provide full support to foreign investors, said President Putin. He added that it’s a pleasure to welcome foreign partners from China, Australia, India and European countries.
Gazprom and Wintershall have signed an agreement to close their asset swap deal. As a result, Gazprom will take over 100 percent of Wingas, Wieh, and Wiee gas storage companies in Europe as well as 50 percent of Winz, a leader in exploration and production of hydrocarbons in the North Sea. In return, Wintershall gets 25.01 percent of the project to develop the Achimov deposits in the Urengoy field.
The Russian budget in 2016 will be based on oil price at $50 per barrel, but various forecasts expect next year’s crude price to be $60, said Russian presidential aide Andrey Belousov.
Russian Energy Minister Aleksandr Novak has announced that the share of the Asia-Pacific region in the structure of Russian oil exports will grow three-and-a-half times by 2020 and will reach up to 28-30 percent of overall crude sales abroad.
Gazprom will submit a written response to antitrust allegations to the European Commission on September, 28, Deputy Chairman Alexander Medvedev told TASS.
Gazprom has signed an agreement to start a company, which will construct the Nord Stream-2 pipeline, RIA Novosti reports. Among the signees are Gazprom, Shell, OMV and E.On.
READ MORE: Russia to construct new gas pipeline to Germany via Baltic Sea – Gazprom
The forum takes place the day after a major Russian delegation led by President Putin visited China and made some noteworthy deals.
READ MORE: Energy goes east as Russia and China seal multibillion dollar deals in Beijing