13:00 GMT +326 February 2017
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    Putin: Russia Open to Foreign Investment in Energy

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    Russia remains open to foreign investment in the energy sector, President Vladimir Putin said at a meeting with the heads of major energy companies in St. Petersburg.

    Russia remains open to foreign investment in the energy sector, President Vladimir Putin said at a meeting with the heads of major energy companies in St. Petersburg.

    “We will continue to pursue a policy of openness to foreign investment in energy, a strategic sector for Russia,” Putin said.

    Creating the most transparent possible market and a good investment climate is "crucial," he said.

    But in return for attracting foreign companies into its energy sector, Russia hopes to receive the same terms for its companies in energy projects abroad, Putin added.

    “We are carrying out a precise, surgical fiscal tuning of such a sensitive area as oil, so that the whole range of projects will be attractive to investors in the fullest sense of global competitiveness and we anticipate similar interest on the part of large foreign companies," he said.

    "In turn, we would like our companies to participate in investment projects abroad on an equal footing and without discrimination. The practice of swapping assets, flows of investment in both directions will of course strengthen global energy security and stability,” Putin said.

    The Russian government is ready to assist energy companies engaged in energy projects in Russia.

    “I know of your interest in expanding cooperation. We are open to working together and I hope that at the corporate level - and, if administrative support is needed, at the government level - we will continue to work with you,” Putin said commenting on remarks made by the head of Royal Dutch Shell.

     

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