Russia might become the largest gas exporter and producer in the case of gas price fall – Klepach

​In case of a serious gas price fall Russia might become the largest producer and importer of gas and repeat the history of Saudi Arabia that is the first oil producer in the world, the deputy chairman of VEB, A. Klepach, said.

I think we might somehow play the same game as Saudi Arabia in the gas market. Competing with shale oil, it focused on the increase of extraction and price reduction. Speaking about gas, we have an opportunity to grow gas extraction but it is connected with a serious gas price reduction, he said.

According to Mr. Klepach, the sanctions on Russia, pushed oil and gas companies to the development of their technologies. I think the situation with sanctions pushed our oil companies to that, Gazprom in a fewer degree. We are seriously behind in the technological sphere, our oil use rate is 26-28%, lower than in the USSR, he added.

Mr. Klepach is sure that Russia can’t and should not stay away from the oil issue in the conditions of the development of technologies. Looking at all the technological novelties, we constantly underestimate the fundamental basic role of hydrocarbons in the development of our economy.