DAVOS (Switzerland) (Sputnik) – The increase in investments in the global oil-and-gas industry in 2018 may reach 10 percent, Russian Energy Minister Alexander Novak said Wednesday.
“In 2018, I think we will see an increase in investments of about 10 percent compared to the level of 2017,” Novak said in an interview with Rossiya-24 television on the sidelines of the World Economic Forum in Davos, Switzerland.
“Investments are, first of all, in support of oil production, in the development of new projects, in order to meet the demand, which annually increases by 1.3-1.5 million barrels per day,” Novak explained.
Novak also said that he discussed the increase in Russian gas supplies through the Nord Stream-1 gas pipeline with EU Commission Vice-President for Energy Union Maros Sefcovic on the sidelines of the forum.
“We discussed the increase in the volume of supplies through the Nord Stream-1 gas pipeline,” Novak said in an interview with Rossiya 24 television.
Novak also said he will continue consultations on Russia-EU gas supplies issues with Sefcovic in March.