OREANDA-NEWS. February 15, 2010. The energy sector remains one of Russia’s priorities, the President said in his opening remarks at the meeting.

Mr Medvedev noted that the sector accounts for almost a third of Russia’s GDP and around 40 percent of the budget’s tax and customs revenue. The overall country’s economic wellbeing depends on the sector’s stable performance.

The President outlined a series of key objectives in the sector.

First, Russia needs to develop and launch a long-term market for electricity capacities and create the right conditions for investment in new generating capacity.

Second, all of Russia’s major energy companies must make it a priority to speed up modernisation of existing and construction of new oil refineries producing world standard products.

Third, there need to be incentives for companies to develop new deposits and make rational use of sub-soil resources.

Mr Medvedev said that particular attention should be paid to the coal mining, making it more competitive and improving safety in mines.

The President also touched on the issues of monitoring and recording oil products’ movement, alternative energy sources, and developing a gas exporters’ consortium.