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OPEC bulletin 8–9/17

policy of some countries, which refuse to use effective

and clean energy sources (nuclear power, gas) under

the influence of political considerations. At the same

time, the subsidizing of renewable energy continues,

although in this day and age many are competitive with-

out it.

Various limitations and particularly ex-territorial

sanctions that have become fashionable in recent

years do not contribute to stability either. They encom-

pass the spheres of trade, investment and technology

distribution. In fact, this policy is the continuation of

protectionism and contradicts the principles of the

World Trade Organization (WTO) and other interna-

tional organizations — cooperation for the benefit of

all countries in the world. Such short-sighted actions

break the sector’s market mechanisms, create artifi-

cial barriers for progress, and provoke, among other

problems, a dangerous phenomenon in terms of tech-

nological inequality.

I am certain that only open trade links and techno-

logical collaboration based on commonly agreed rules

and standards will contribute to the development of the

global economy and international cooperation.

Today Russia is one of the leading energy powers

and a guarantor of the global economy’s energy secu-

rity. We see huge unrealized cooperation and investment

potential and will continue to work on its realization with

all interested partners. Progress requires cooperation

between market participants in joint project implemen-

tation, the creation of newmechanisms for joint situation

monitoring and analysis, financing and the execution of

research and development activities.

Politically motivated unilateral limitations will

not stop development, and neither do they cause the

expected effect. Let me remind you that in the first six

months of this year foreign investments in Russian assets

appeared to break five-year records, with EU countries

being the leaders (Austria in first place). According to

experts, the world economy quickly adapts to sanctions,

and the country imposing them will suffer the greatest


Energy future: safer, cleaner and more


In conclusion, I would like to highlight once again that

we live in an era of industrial revolution. The world con-

tinues to adapt to new technological concepts and is

seeking balance. It depends on our combined actions, on

the possibility to define prospective development paths

and to involve all the world’s economies in this process

to ensure both the well-being of our countries and our

energy future, which must be safer, cleaner and more

convenient than today.

All images in this article are courtesy of the Ministry of Energy of the Russian Federation.

Delegates to the 22


World Petroleum Congress listen to Minister Novak’s message.