14 Oct 2010 18:13

Russia to slash energy/output ratio 40% by 2030 - Shmatko

MOSCOW. Oct 14 (Interfax) - Russia plans to reduce the economy's energy/output ratio 40% by 2030 and export the savings to Europe, the Energy Ministry said in a statement.

The energy efficiency issue was discussed on October 14 at a meeting between Energy Minister Sergei Shmatko and German Special Tasks Minister Ronald Pofalla in Moscow.

Work in that direction is already underway in a number of Russian regions, Shmatko said.

Shmatko also noted the importance of energy projects on the Yamal Peninsula, which have the capacity to meet the increasing demand for gas in Europe.

He confirmed Russia's commitment to the South Stream and Nord Stream gas pipeline projects, which, when completed, will increase Europe's energy security by diversifying routes and eliminating transit risks. Moreover, the projects have guaranteed resource bases.

Nord Stream is the project to lay a 1,223-kilometer under the Baltic Sea, from Vyborg in Russia to Greifswald in Germany. The pipeline will begin pumping gas in 2011.

The shareholders in Nord Stream are Gazprom (51%), BASF/Wintershall a E.ON Ruhrgas (15.5% each), and Dutch Gasunie and Frecnh GDF (9% each). The pipeline will have capacity to ship 55 billion cubic meters of gas a year on two strands each with capacity for 27.5 bcm.

Construction of South Stream is slated to begin in 2013. The pipeline will begin shipping gas at the end of 2015.