Russia’s largest private sector oil producer, Lukoil, has reaffirmed its commitment to increasing the presence of renewable energy in its mix.

At a presentation for the Sochi 2009 International Investment forum about a power station near the host city for the 2014 Winter Olympics underlined its commitment to renewables, as well as the company unveiling the first gasoline station, in Krasnaya Polyana, near Sochi, which uses photoelectricity as an additional power source. .

In an exclusive interview with business RT the company’s head Vagit Alekperov, confirmed that these projects become economically viable when the price of oil is above $100/bbl, and although it is currently we all know that it currently hovers around $70. But he said that Lukoil still sees investing in these projects now as a very important strategy going forward.

“Our company has a Hydro-Power plant near Sochi at Krasnya Polyana. We want to increase its capacity two fold. All in all we have four Hydro-Power plants. We are also looking at wind power projects. Separately we offers from Bulgaria, Romania and Italy to in other alternative energy projects. But state help is essential here. The tax system should stimulate and favor such capital intensive initiatives. Our company has allocated some $20 million for next year, which is for design work. This will help us verify the profitability of projects for more investment.”