Russia Pivots to Asian Markets with its Energy -By Kestér Kenn Klomegâh

At the the 8th Russian Energy Week (REW), a convergence of leading Russian and foreign producers and corporate executives of service companies and state officials, Russian President Vladimir Putin traditionally highlighted essential aspects of the global energy market. “Russia plans to strengthen its position as a global energy leader and develop partnerships to create a sustainable global energy model for the benefit of future generations,” Putin said at the plenary session.

The theme of REW 2025 was “Creating the Energy of the Future Together” for thematic discussions and plenary sessions, and was combined with an exhibition of technologies and equipment for the energy sector.

“It is especially important to effectively manage resource production and reserves, ensure the technological and environmental development of the industry in order to supply the domestic market, achieve national development goals, and fulfill external agreements. We have done this consistently, and will certainly continue to do so. This is one of the ultimate priorities. Understanding these tasks and challenges, Russia intends to strengthen its position as a global energy leader and develop partnerships to build a fair and sustainable global energy model for the benefit of future generations,” the president said.

Contemporary energy industry is a high-tech dynamic sector seeking most advanced solutions in industry and science. It is very important that the focus on such essential and practical issues as introduction of cutting-edge equipment and digital solutions in electrical power industry, oil, gas and coal sectors, and the energy transition of national economies.

The Russian leader pointed out that supply chains on the global gas market were also changing for objective reasons. The European Union has moved to abandon Russian gas, and Russia has alternatively shifted to Asian countries, thus diversifying export flows which are more promising markets. “The European Union’s demarche only accelerated a shift in the trajectory of our exports in favor of more promising and responsible buyers – the countries who know where their interests lie and act reasonably based on those very national interests,” Putin emphasized.

In mid-October, United States President Donald Trump has asked Indian Prime Minister Narendra Modi to stop buying Russian oil and gas. Trump also requested China to review its energy purchases from Russia. Trump already said a few months ago that India would stop buying oil from Russia. However, these purchases have not stopped. As Russian Foreign Minister Sergey Lavrov emphasized at the end of September, Trump, trying to force India to abandon Russian oil, is simply promoting his resources to the market.

Russia and India have managed to adjust the structure of mutual trade: consumer goods have been added to energy resources. Akashdeep Singh, president of the Indian Business Council, told the local media Izvestia that Russian energy products are still the main component in the trade turnover with India. Media reports say Russian oil accounted for 34% of India’s total hydrocarbon imports, as, with discounts, it remains the most cost-effective type of raw material. In addition, Singh noted that a very simple logic is in place here, as India, above all, thinks about itself, its national security, consumers and relations with various countries.

According to Russian Deputy Prime Minister, Alexander Novak, Russia’s energy resource is in demand, it is economically viable and reasonable. “We continue to cooperate with our friendly partners. Our energy resource is in demand, it is economically viable, reasonable, and I am confident that our partners will continue to collaborate with us, interact, and develop energy cooperation,” Novak said.

“Gas consumption is steadily growing in the Asia-Pacific Region, the Middle East and Latin America, while in Europe, gas demand remains under the 2019 level. But why is demand for a primary energy source lower than it used to be? Because industrial production is declining, and there is no need for such amounts of gas, that’s why,” the Russian leader explained in his speech.

The 8th International Forum Russian Energy Week held on October 15-17, several agreements were reached and contracts signed serving as basis for advancing cooperation in the energy sector and, for enhance international partnerships. The Russian energy sector generates approximately $125.4 billion in investment each year and accounts for 16-20% of Gross Domestic Product (GDP), and this creates a “massive demand and enormous opportunities” for the development of the economy, science, and modern technologies, according reports obtained by this article author.

—