Rapidly depleting reserves and a gradual reduction of its share of oil markets are key reasons behind the European Union’s transition away from hydrocarbons to an ecologically clean economy, the head of Russian oil major Gazprom Neft said on Wednesday.
Russian Deputy Prime Minister Yury Borisov, responsible for the fuel and energy sector, called for the development of the deep oil and gas chemistry industry as the best way to tackle the world economic crisis linked to the COVID-19 pandemic and volatile oil prices.
Renewable energy sources and hydrogen could account for 30 percent of the total energy balance by 2040, but will not replace hydrocarbons as the top component, Russian Deputy Energy Minister Pavel Sorokin said on Wednesday.
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