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    Vladimir Putin Addresses Participants of Plenary Session at Russian Energy Week

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    Russian President Vladimir Putin is addressing participants of a plenary session at the Russian Energy Week in Moscow on Wednesday.

    Delivering a speech at the Russian Energy Week forum's plenary session, an international forum on energy conservation and power industry development, President Putin said Russia will continue stimulating the growth of capital investments in the country's energy sector with the use of renewable energy sources.

    "I would also stress that we use effective mechanisms of support of investments to [power] generation with the use of renewable energy resources that would ensure profits for investors. We will continue to stimulate investments in this area, including by our foreign partners, foreign companies," Putin said.

    Russia plans to reduce the energy intensity of country's GDP by a third by 2035 "as part of promoting energy efficiency," he added. At the same time, he said that hydrocarbons will be the leading energy source in the coming 20-25 years.

    Speaking about the oil output cut deal between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC states, Putin said Russia fully meets its obligations under the agreement.

    "In the end of 2016 [we] agreed about joint activities and decreased [the oil production]… by the way Russia fully implements its obligations by 103 percent… Russia has undertaken commitments to decrease [oil production] by 300,000 barrels per day and we adhere to these commitments," Putin said, adding the deal is likely to be extended until the end of next year if an extension decision is made.

    He also said that Russia is planning to increase its liquefied natural gas supplies to the Asia-Pacific region and western Europe.

    The Russian leader underscored that technological inequality poses a danger for the global energy industry, and Moscow is ready to cooperate with all partners on the "basis of equality."

    forum, energy, Russian Energy Week, Vladimir Putin, Russia
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