Oil and natural gas have been a key part of the Russian economy for decades. Oil and natural gas sector accounts for approximately 20% of Gross Domestic Product and 50% of export revenues;
Oil and gas production and transport including refining industry represent 2% of the market and employ about 2,000,000 people.The Russian government supports large projects and Russia plans to spend more than $120 billion in Russia’s oil production and export with 20 major oil and gas projects expected in the 2018 to 2025 time frame.Among others are NordStream2, Yamal LNG, Artic LNG including continued development of the Russian Far East production (increase by 250% in the next decades) including major Sakhalin oil and gas project and the « Power of Siberia » gas pipeline to China. All these projects represent huge opportunities for foreign companies.
In addition, chemical production facilities, using natural gas, will likely be built along the new pipeline routes including methanol, ammonia and fertilizer products. These new projects will require procurement of equipment and machinery to support their production.
Oil and gas production and transport including refining industry represent 2% of the market and employ about 2,000,000 people.The Russian government supports large projects and Russia plans to spend more than $120 billion in Russia’s oil production and export with 20 major oil and gas projects expected in the 2018 to 2025 time frame.Among others are NordStream2, Yamal LNG, Artic LNG including continued development of the Russian Far East production (increase by 250% in the next decades) including major Sakhalin oil and gas project and the « Power of Siberia » gas pipeline to China. All these projects represent huge opportunities for foreign companies.
In addition, chemical production facilities, using natural gas, will likely be built along the new pipeline routes including methanol, ammonia and fertilizer products. These new projects will require procurement of equipment and machinery to support their production.