Novak questioned the return on oil and gas prices to the levels of three years ago

© RIA Novosti / Alexei Vitvitskiy in fotomancer of energy of Russia Alexander NovakNovak questioned the return on oil and gas prices to the levels of three years ago© RIA Novosti / Alexei Vitvitskiy the image Bank

Hydrocarbon prices are unlikely to return to levels of three years ago, said Russian energy Minister Alexander Novak.

New challenges in the energy sector associated «with falling prices and a stock price that is significantly lower than 3 years ago,» he said during the session «Competitiveness of Russia on the world energy market», held in the «Russian house» on the sidelines of the world economic forum in Davos. «And it is unlikely these prices, everyone understands, will return the price of hydrocarbons,» — said Novak.

Among the new challenges he also noted the new technologies in the energy sector, particularly renewable energy sources, means of transport, protectionism in the energy sector, the growth of energy consumption.

The world economic forum held in Davos from 23 to 26 January. During all days of the forum in Davos works organized by «Recongress» official Russian residence, «Russian house», which brings together leaders of the business community, well-known politicians, economists, and scientists and representatives of creative professions. Official governmental delegation of the Russian Federation in 2018, headed by Deputy Prime Minister Arkady Dvorkovich.