ST. PETERSBURG, June 20 - RIA Novosti. The Russian government will develop favorable conditions for investment into energy industry, Russian Prime Minister Mikhail Fradkov said on Sunday in St. Petersburg.

The prime minister spoke at a meeting with heads of world's largest energy companies invited to the awards ceremony of the Global Energy International Energy Prize.

"I would like to confirm once again the intention of the Russian Government to keep on creating favorable conditions for mutually profitable cooperation with investors, first of all in energy industry," he said at a meeting called Energy Dialog.

According to the Russian Prime Minister, the policies of the Russian Government as to the development of energy industry were based on "integration into the world system of energy resources turnover, improvement of their efficiency, and expansion into new markets."

Fradkov also said that the Government sought to reinforce the nation's position on the world energy marketplace and to make this industry highly competitive.

"Russia intends to be as stable and reliable partner for European states and world community as ever to contribute to world energy security," head of government said.

According to Fradkov, Russia keeps on working to "diversify the energy market and develop energy transfer systems."

A good example is the Baltic oil and petroleum shipment project; projects of energy resources transfer to the East, a region where we have little experience, is at the stage of discussion," the prime minister added.

He also remarked that Russia was willing to not only develop conventional sectors of energy industry like upstream and downstream operations and but also study and improve energy efficiency.

"The Government is interested in the development of energy efficiency and is willing to apply foreign best practices and state-of-the-art technology," he said.

Fradkov emphasized that Russia's economic reformswere intended to provide stability and good investment environment.

"We do our best to make our economy competitive, and here we put great emphasis on energy cooperation," he went on.

Energy Dialog is a forum where Russian state leaders meet heads of world's top energy companies. The present session is the second one; the first one was held in 2003, also as part of the Global Energy Awards Ceremony.

Nobel Prize Winner 2000 Zhores Alfyorov inspired the foundation of the Global Energy International Energy Prize in late 2002. In 2003 Russian President Vladimir Putin awarded the first such Prize for outstanding theoretical and practical energy research.

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