RUSSIA MUST EXPAND ITS PRESENCE IN ARAB ENERGY PROJECTS

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DAMASCUS, February 9 (RIA Novosti's Yuliya Troitskaya) - It is essential for Russia to expand its presence in energy projects in the Middle East and North Africa, Yury Shafranik, Chairman of the Russian-Iraqi Business Council and Head of the international Soyuzneftegaz company, believes.

Russia must resume at least 10-20% of its former participation in these regions to retain its active role in the world energy system, the official said.

Mr. Shafranik gives preference for Russia to cooperation with OPEC, particularly its main member, Saudi Arabia.

"It is excessively important to promote our projects in Saudi Arabia and vice versa, and coordinate our policies on the world energy market, because we are highly dependent on each other in the oil sector," Mr. Shafranik was quoted as saying.

A visit by the Crown prince of Saudi Arabia to Moscow two years ago encouraged bilateral contacts, the official said.

He believes that the Saudi-Russian conference on energy security, which will take place in Riyadh in a week, is extremely significant for the development of business relations.

In his opinion, the key roles in the multi-polar energy world is maintained by OPEC, independent producers, including Russia, and China and India, being main consumers.

Besides, Russia must develop projects in North African countries, particularly Algeria and Libya, and in the Middle East, especially Iraq, to ensure its future presence on the European energy market.

"In the recent years Russia has determined its priorities in the Middle East and is taking positive measures revive relations, which is important for energy cooperation to grow into political interaction," Mr. Shafranik said.

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