Russia a primary player in energy sector

April 21, 2011 at 7:00 AM
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MOSCOW, April 21 (UPI) -- Russia has a critical position in the global energy sector because of its role as a producer and exporter of key energy reserves, the IEA said in an outlook.

Analysts from the International Energy Agency discussed Russia's energy future in Moscow with key government and business leaders, including the top management at Russian natural gas monopoly Gazprom.

Fatih Birol, a chief economist at the IEA, said policy choices from Moscow would have a major impact on the global energy sector.

"Russia is critical to the global energy balance both as a leading producer and exporter of hydrocarbons and as one of the world's largest energy consumers of natural gas and electricity," he said in a statement.

Russia holds some of the largest oil and natural gas deposits in the world and operates vital energy links for Asian and European consumers.

IEA and Russian officials focused their agenda on the costs associated with new development areas and the transportation infrastructure for domestic and export markets.

"Energy policy choices made by the Russian authorities in the coming years will shape not only the prospects for national economic development in Russia but also have major implications for global energy security," added Birol.

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