Opportunities in Russia for Singapore's green firms

Jessica Cheam, Straits Times 27 Jun 09;

SINGAPORE'S growing expertise in green technology makes it a choice partner for Russia as it develops its own sustainable energy sector, Russian representatives said here yesterday.

Mr Sergey Obrezanov, director and chief executive of the Russian Business Incubator (RBI), told an energy conference that the country is looking to adopt technologies and solutions from Singapore to help modernise its own economy.

Some promising areas of collaboration include solar energy and waste management. For example, the Russian nanotechnology project funding body Rusnano will invest up to US$1billion (S$1.46billion) in solar-related industries.

The RBI's deputy chief executive, Mr Viacheslav Kichatov, said: 'With Singapore's push into solar energy, there will be opportunities to collaborate in R&D and to use Singapore-developed applications.'

Russia is also in talks with a large Singapore waste-to-energy equipment manufacturer for a possible joint venture.

'Russia has an old infrastructure for waste management and this needs to be modernised,' added Mr Kichatov to the 70-strong audience.

Mr Teng Theng Dar, chief executive officer of the Singapore Business Federation (SBF), which jointly organised the conference, noted that many Russian firms in the energy field possess advanced technologies. Many local firms would benefit by tapping into these companies to gain exposure to bigger markets, he said.

Russia was Singapore's 30th-largest trading partner last year, with a total trade value of $3.8billion - a spike of almost 100per cent from 2007's level of $1.9billion. Top import products from Russia include refined petroleum products, crude petroleum and aluminium.

Russia's economy is 'coming of age' and presents huge opportunities to local firms willing to 'go out and hunt for them', said Mr Teng.

'Russia's interest in this sector also coincides with Singapore's own plan to develop its capabilities in clean energy and move towards alternative energy industries,' he added.

Some other opportunities for both countries will include partnerships in fuel cell technology and hydrogen-based sustainable energy technologies.

The RBI and the SBF signed a Memorandum of Understanding in January to encourage trade, economic, technology and investment flows between both countries.