The Russian Energy Minister revealed that Russia aims to dominate about 20% of the global hydrogen market.

The Russian Energy Minister, Nikolay Shulginov, added that Russia has great potential to develop the hydrogen energy sector and that the use of new technologies should contribute to increasing the efficiency of hydrogen production as well as its transportation and storage.

He also noted that these hydrogen production technologies are not entirely new, as nearly every refinery can produce it.

Last month, a government document revealed that Russia plans to develop the hydrogen sector, bringing the value of its exports, by 2050, to the limit of $100 billion.

According to the document, Russia will increase exports of environmentally friendly hydrogen by 2024 to 200 thousand tons annually and will generate income ranging from $0.6 billion to $3.3 billion US.

By 2035, exports are expected to rise between 2 and 7 million tons, with a value of $7.8 billion to $21.1 billion.