"We would welcome increased supplies of Russian oil to the global market and its increased imports to the US. We also welcome increased mutual investment in the energy sectors of our countries."
"The launch of some specific projects is scheduled for 2008 at the latest," reads a joint statement of the Russian and US Presidents on energy cooperation.
Moscow and Washington have stated that energy cooperation remains one of the most promising areas in Russian-American relations. "We will continue work to carry out the concept of energy interaction in all aspects, formulated in the joint statement of May 2002, including via the mechanisms of the Business Energy Dialog and the Working Energy Group," the document points out.
The two Presidents have instructed their ministers to continue the energy dialog, paying special attention to strengthening energy security, diversifying energy resources, increasing transparency of the business and investment climate, diminishing obstacles to development of commercial contacts and developing resources by environmentally friendly methods.
"We have instructed our energy and trade ministers to work out recommendations for further intensification and development of the energy dialog that we could support at one of our regular meetings," the statement reads. These recommendations will seek to eliminate barriers in trade and investment in the energy sector, as well as to promote initiatives to eliminate them based on predictability, justice and law and to promote specific proposals on cooperation to develop trade and investment in the energy sector.
"We will promote creation of transparent tax, legal, administrative and contract conditions for our companies' cooperation and we support the development of the Russian pipeline network that will create preconditions for increasing oil and gas exports, including to the American market," the document says.
"We express interest in an increase of American private investment to create additional LNG capacities in Russia to boost its exports to the US market," it adds.
