"A secure energy supply is an increasingly important factor for progress. In this context, we propose broader use of long-term contracts as a means of strengthening the stability of Black Sea energy markets," the president said at a summit of the 12 members of the Black Sea Economic Cooperation Organization.
Putin said diversification of supplies, insurance, and asset swaps to share financial risks were the most important issues to be resolved in order to ensure security of supply.
"We are ready to join our partners in the region in resolving major issues that will affect not only the economic mood of the region's counties, but for the entire European economy and the global economy," Putin said.
The Russian leader highlighted the need to provide a sound resource base for each project, warning that "Otherwise there will be nothing but empty words and frustrations."
He pointed out Moscow's readiness to continue work on a Black Sea Energy Ring project, promoted by Russia's leadership as a means of creating an open energy market around the Black Sea and in Europe.
Despite recent EU pledges to liberalize and deregulate European energy markets, Russian gas giant Gazprom has been relying mainly on long-term bilateral contracts with individual members of the 27-nation bloc for supplies of natural gas.
The members of the Black Sea Economic Cooperation (BSEC) Organization, founded in 1992, are: Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Serbia, Turkey, and Ukraine.
In a final declaration, the summit granted the observer status to the European Commission.
