IEA: Russia falling behind in efficiency

Nov. 17, 2011 at 10:08 AM
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VIENNA, Nov. 17 (UPI) -- Moscow needs to invest about $100 billion per year to meet international and domestic demand for energy resources, the IEA said in an annual report.

The International Energy Agency in an annual report for 2011 finds Moscow needs to invest $2.5 trillion in infrastructure and technology during the next 25 years to keep pace with overall demand.

Russia holds some of the largest oil and gas deposits in the world. In those sectors, the IEA found Moscow needs an estimated $70 billion per year in investments to realize its ambitions in frontier resource development like those in deep waters or arctic reserves.

Maria van der Hoeven, executive director of the IEA, said much depends on how competitive the Russian energy sector becomes in the coming years.

The report adds Russia could reduce its domestic energy use by around 30 percent and ultimately double its volume of gas exports through greater energy efficiency measures.

Moscow, the IEA report finds, isn't on track to meet its ambitions to reduce energy intensity by 40 percent during the next decade.

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