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Putin promises comfortable market conditions for foreign investment in fuel/energy sector

June 22, 2012, 5:43 UTC+3
We believe it is of crucial important to create the most transparent and comfortable conditions for investments
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ST PETERSBURG, June 22 (Itar-Tass) — President Vladimir Putin has promised transparent and comfortable market conditions for foreign investments in the fuel and energy sector. He stated it at a meeting with heads of large foreign energy companies on Thursday.

"We believe it is of crucial important to create the most transparent and comfortable conditions for investments, including for the entry into the Russian market of large foreign partners," he underlined.

The head of state assured that "Russia would continue to pursue the policy of openness for foreign investments in such a strategic sector a fuel and energy."

"Today, companies with foreign stakes account for some 25 percent of oil extraction in Russia. Russia will continue the development and modernization of the sector," Putin went onto say.

"It should become not only a source of resources, but also generate modern jobs and create a strong demand for new technologies, for clever investments. This applies to such projects as the construction of the Baltic Pipeline System-2, Easten Siberia - Pacific Ocean Pipeline, South Stream, Nord Stream, and the Ust-Luga port," the president noted.

 

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