Demand for products of the fuel and energy complex (FEC) in Russia will decrease by 2050. Deputy First Minister for Economic Development Ilya Torosov stated this at the UN climate change conference. TASS.
This will open new markets for low-carbon products, he said. Torosov noted that the Russian economy, including the energy sector, currently relies heavily on low-emission resources.
The deputy minister also added that the government is focusing on developing new industries with high efficiency and producing high value-added products.
The Council of Ministers at the end of November rejected bill on state regulation of fuel prices The government’s decision was supported by Pavel Bazhenov, Chairman of the Independent Fuel Association, who explained that strict government regulations could lead to serious shortages, market disruptions and deterioration of infrastructure. He also emphasized that fuel prices in the Russian Federation are already regulated behind the scenes, so small companies are forced to regularly increase their prices.
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