Putin: No real grounds so far to say that hydrocarbons era is close to end

October 10, 2016 TASS
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Russian President Vladimir Putin at the World Energy Congress. Source: Kremlin.ru

No real grounds exist so far to say that the hydrocarbons era is close to its end, Russian President Vladimir Putin said on Oct. 10 at the World Energy Congress.

"Many people start saying in conditions of the oil prices drop by almost twofold that the hydrocarbons era is approaching its end and time has already come to completely change the focus to alternative energy sources. I believe no real grounds are in place so far to make such far-reaching conclusions, at least for the time being," Putin said.

"The mankind is moving to the "green energy" and this is definitely the main development path, the proper path," the Russian President said. "The demand for renewable energy is growing at a priority rate as compared to energy from conventional sources. Rollout of the state-of-the-art technologies, including such as distributed generation, high-capacity energy storages and the so-called "smart grids" promote acceleration of this process," Putin said.

Consumption of oil and gas will continue growing in parallel, "though not at such high rates as earlier," Putin said. "The demand for energy resources is supported not merely by motorization and energy connectivity in such large countries and economies as China, India and certain other states, but also by continuing penetration of petroleum and gas chemistry products into the most diverse spheres of human life and industrial processes," he added.

Large-scale growth of liquefied natural gas (LNG) production leads to the gas market becoming really global for the first time, with skyrocketing development of related infrastructure, the Russian President said. "According to forecasts, LNG trade volumes will be higher than conventional pipeline gas supplies already in ten years, and interest in LNG procurement will continue growing," Putin said.

Source: TASS

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