October 7 was the date of the “Global and Local Oil, Gas and Oil Products Markets: Fact-Based Analysis, Qualitative Forecasts and a New Approach to Pricing”. The discussion centered around the energy transition, the new focus on a carbon-free economy, the developments in the global oil and gas markets, the oil products processing and the recently emerged factors of pressure on the market related to the development of renewable energy sources. The business event was organized by the National Oil and Gas Forum.
The panel members included representatives of vertically integrated oil and gas companies and their respective refining and distribution sub-companies, state regulators, the key traders and brokers from the oil and gas sector, the leading independent price agencies: the Russian Ministry of Energy, Moscow School of Management SKOLKOVO, Gazprom Neft, EY, Rystad Energy, Vygon Consulting, IHS Markit, EastWest Institute, INVESTA, Refinitiv, Energy and Finance University, HSE University, Argus Media.
The speakers at the first plenary session titled ”Global Energy Markets in the Context of the Energy Transition: With the Shale Revolution Behind, Are We to Expect a Hydrogen One?” focused on the prospects of global decarbonization and its impact on the Russian economy, including the challenges faced by the traditional manufacturers, the transformation of the institutional framework and business models, as well as the potential of the national pilot carbon-free energy projects.
In his opening address, Gazprom Neft’s head of Energy and Innovation Sergey Vakulenko pointed out that today many countries declare themselves prepared to invest into a departure from the fossil fuel economy in favour of a hydrogen one. The speaker emphasized that hydrogen may prove to be a unique opportunity for the Russian industry, seeing that, as a major oil and gas exporter to Europe, Russia stands every chance of securing its leading position in the new energy market.
The first panel also featured reports by head of the Moscow School of Management SKOLKOVO Tatyana Mironova and head of the Center for Environmental and Natural Resource Economics at Moscow’s Higher School of Economics Georgy Safonov.
A representative for TechInput took part in the webinar conference. The purpose of the participation in this business event was to analyse the key trends in the development and transformation of the Russian energy industry.
That is to say, the role and importance of the oil and gas sector is unquestionable for any country of the world. This industry was, however, always characterized by high volatility and by dynamic development of new project management technologies. And this means that translation related to the oil and gas business is not static either. Alongside the recently emerging upstream, midstream and downstream technologies, new terminology is born to describe them, which did not previously exist in the Russian language. What is often the case is that only those with sufficient knowledge of the field specifics are capable of finding appropriate rendition of the new niche terms in their own language.
The oil and gas industry is a complex and multifaceted one, comprising a multitude of companies specializing each in their respective specific field. TechInput’s competitive advantage is its extensive experience in providing a full range of translation and related services of any level of complexity to companies representing the three sectors of the oil and gas industry (the upstream, the midstream, and the downstream).
Over its more than 20 years of history, TechInput has been involved in all major international oil and gas projects in Russia. The company’s staff are represented by professional linguists, development engineers, geophysicists and geologists (among them several native speakers) whose training and experience ensure high quality translation and interpretation.
Moreover, in response to the current destabilizing factors (including the pandemic), TechInput has developed and successfully integrated into its work procedures a high tech management platform which uses only licensed software to regulate and assort unique term and translation databases accumulated by the company over its many productive years of experience; that along with ensuring synchronous online teamwork of the translators and editors in the context of high information security.
To sum up the above, when speaking of changes in the global and local markets of oil, gas and oil products, we can safely claim that TechInput efficiently responds to all changes and evolution within the industry and has sufficient resources and technologies to provide major oil and gas sector participants with high quality translation at all stages of global project implementation.