*5.1. Global Energy Markets*

The influence of the fuel and energy sector on the global economy is impossible to overestimate, because energy is a basis for the development of enterprises, industry and society as a whole. Today's transformation processes in the energy sector need thorough control and attention from international regulators, as they are knowledge- and capital-intensive.

The allocation of significant volumes of financial, human and material resources for the development of alternative energy technologies is an integral part of the technological process [115], as confirmed by several studies in the field of building strategies and policies for the development of technological niches [116]. However, it should be understood that balanced political strategies must pay attention not only to projects with prospects in future decades, but to current operating and tactical needs.

In other words, instead of implementing a unilateral and comparatively simple policy of supporting one group of technologies, today's infrastructure and dynamics of markets should be taken into account. Scientifically substantiated portfolio strategies should be developed [117] to include not only potentially promising technologies, but also to take current economic needs into consideration. The strategies should also determine methods and procedures for a smooth transition from the traditional use of HCR to its advanced conversion and gradual transition to alternative energy technologies, as soon as they are ready and competitive.

Creation of favourable conditions for the rational use of HCR may ensure sustainable development of the fuel and energy sector and, more importantly, may create conditions for the development of alternative technologies. This thesis is confirmed by the existing investments of the largest oil and gas companies [118], while the reverse process is impossible under current conditions due to the low competitiveness of alternative energy options.

This study tried to expand the discussion field formed around energy sector development and balance it with critical analysis of existing image of HCR. The following conclusions were made on the basis of this analysis:


time, the lack of knowledge of the secondary theories of Global Warming mechanisms makes this issue even more complicated. On the one hand, we could have a chance to receive extra time to improve the environmental e fficiency of our technologies. On the other hand, there is a risk that it is too late, and we will see the forecasted consequences much earlier than expected.

	- - the majority of RES-based technologies will be non-competitive within the next ten to twenty years due to insu fficient e fficiency of energy conversion and storage processes;
	- - the generation of nuclear energy is associated with significant risks of a mainly technical (environmental) nature, mitigation of which is impossible at present;
	- - hydrogen itself is not an energy resource, as much as a method for storage and transportation of primary energy and its broad application requires a solution to safe-storage and transportation issues, a higher e fficiency of production, the creation of new infrastructure and the development of market-interaction mechanisms.

Therefore, a comprehensive assessment of the potential for the implementation of new energy technologies shall be made in view of the needed preservation and development of the foundation of energy that is HCR. It should be noted that there has been no situation in the history of the energy sector in which new technology has completely displaced and substituted an older technology within a short period of time [119]. Gradual substitution is a conventional process that can be implemented at various rates, but on a long-term basis. Due to this, the immediate transition from HCR to alternative energy sources is not possible. The development of studies based on the agenda proposed in this article would create more realistic, viable and scientifically substantiated recommendations on the formation of climatic and energy policies, which are lacking today [120].

#### *5.2. The Role of Russia in the Development of the LNG Industry*

Russia has significant resource potential to develop LNG plants with a prospect to reach 140–160 mln t production capacity by 2030 (20% of the global market). Such intensive growth can be driven by limited prospects in the increase of Russian pipeline gas supplies to European countries as a result of the export's monopolistic nature.

Export monopoly is not only a barrier to entering foreign markets, but also prevents the creation of a competitive environment within the industry. Due to this, its rate of development is much slower than the worldwide average values, which is indicative of the stagnation of the sector.

Today, the export monopolization factor does not ye<sup>t</sup> negatively a ffect the LNG industry. However, promising markets mentioned herein could be closed for Russian companies, if the situation with state regulation of the sector remains unchanged.

In this context, the speed of decision-making is crucial, and governs what share of markets Russian companies will be able to occupy. Taking into account the fact that nearly 50% of the designed capacities of LNG plants has already been contracted until 2035, it is quite realistic that after 2025, the second part of demand will be covered for the next decade, and it is unlikely that there will be potential for new companies to enter the market.

A transition to market methods for regulating industry activities seems necessary and timely, since direct involvement of the state in the production activities of companies has failed. This will improve the performance of companies and, as a result, additional advantages will be gained both for the country's budget and for the development of associated sectors, as well as social-economic infrastructure of the regions of the Russian Federation. Initially, switching to mechanisms for market regulation can be supported with tools such as golden shares, enabling the state to reserve the right to control only a few company operating aspects, but not to shape its future generally.

**Funding:** This research received no external funding.

**Conflicts of Interest:** The author declares no conflict of interest.
