What are the main tasks of the Russian fuel and energy sector Putin designated

The main task of this commission is Putin especially stressed – to establish clear work of all mechanisms of operation of the fuel and energy complex and establish a coordinate system for its development.$ The main demand of the president is to ensure “transparency” in the work of the industry. First of all, it is necessary to bring order with payments in the electricity industry of the country. Besides, Vladimir Vladimirovich negatively recalled the existing practice of competitive distribution of subsoil of federal importance and declared that henceforth such sites should be realized only on auctions. Existing dividend sizes have also been criticised because they do not meet the requirements of international standards. Putin urged companies in the industry to follow the example of Rosneft, the head of which promised to pay shareholders up to 25% of the profits of the enterprise. The

five main tasks of the Russian fuel industry for the coming years Putin outlined as follows:

First, it is necessary to expand the geography of mining, including – to develop offshore deposits. According to the President, it is necessary to improve the quality of exploration works. These measures will not only strengthen the raw material base, but also attract additional investment in the industry and help in the development of new technologies.

Secondly, it is necessary to maximize the effectiveness of existing projects. Vladimir Vladimirovich emphasized: “FEC is a high-tech industry”. The latest technical and scientific developments and modern equipment should be applied.

Thirdly, international cooperation should be fostered. Since Russia’s accession to the WTO, the economic attractiveness of such transactions has increased, and companies need to raise foreign capital more actively. It is necessary to act on international markets bolder: do not hesitate to offer their services and look for new niches. At the same time, Putin recommended to pay special attention to cooperation with the CIS countries.

Fourthly, it is necessary to continue the privatization of public assets. But in doing so, the approach to privatization must be “principled, market-based, measured.” For example, Putin cited the capitalization of RusHydro, which passed at an undervalued value: “It is impossible today to simply sell what tomorrow will be worth $40 billion. Sell at the rate of $7.5 billion,” the president said.

In fifth, you need to take care of ecology. The development of Russian energy sector should not have a negative impact on the environment.

You can learn more about Vladimir Putin’s words at the meeting of the commission in the report of the program “Vesti” at the link below.

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