UK Energy Companies Interested in Larger Investments in Russia

© Sputnik / Iliya Pitalev / Go to the photo bankSt.Petersburg International Economic Forum. Day One
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Different British companies are interested in investment partnership with their Russian counterparts, Charles Hendry, a former UK minister for energy, said during the SPIEF-2016 forum.

ST. PETERSBURG (Sputnik) — UK major and smaller energy companies are interested in doing more in investment partnership with Russian companies, Charles Hendry, a former UK minister for energy, said Thursday.

"First, there is interest in companies which do invest in Russia. BP and Shell are certainly keen to do more. There are also smaller companies that are keen to understand what they can do more, looking for joint ventures," Hendry said at a session at the St. Petersburg International Economic Forum (SPIEF).

Hendry, who served as the minister of state for energy and climate change in 2010-2012, said there were also companies willing to work with Russia in the sphere of gas exports.

"Third element [of partnership in energy sphere] is forming a debate on a long-term role for gas and energy [export and import] security. There needs to be a better dialogue on how it can be improved, even in tough political circumstances," Hendry said.

The 2016 St. Petersburg International Economic Forum is taking place on June 16-18. According to the organizing committee, the number of contracts at SPIEF is expected to be not less than in 2015 when the total volume of agreements reached 293 billion rubles ($4.4 billion).

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