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APEC energy ministers focus on energy security, investments

The energy ministers got together in St. Petersburg for a session held within the framework of Russia’s APEC presidency

Photo ITAR-TASS

Photo ITAR-TASS

ST. PETERSBURG, June 24 (Itar-Tass) — The energy ministers from the member-countries of the Asia-Pacific Economic Cooperation (APEC) got together in St. Petersburg on Sunday for a session held within the framework of Russia’s APEC presidency.

The tenth meeting of the energy ministers from the APEC states is devoted to energy security, new challenges and possible strategic solutions in this sphere. Reduction of barriers to investments in the energy sector and energy resources trade are among the focal points in discussions.

“The fastest developing economies of the world, characterized by a high level of consumption of such traditional energy resources as coal, oil, gas and electricity are situated in the Asia-Pacific Region,” Russian Minister of Energy Alexander Novak said in the opening remarks at the meeting.

“Resources are distributed rather unevenly, which causes the development of trade inside the region. In view of that, stability and predictability of supplies of energy resources both for producers and consumers, as well as energy security have been for years among the key aspects on the agenda of the forum,” the minister added.

“Reduction of barriers to trade and investments in the sphere of energy resources, encouragement of trade in ecological energy products and services, formation of open markets on the basis of clear and predictable legislation will give a necessary impetus to an expansion of energy cooperation on the APCE space,” the Russian minister stressed.

Minister Novak reminded the audience that “Russian companies actively cooperate with countries of the Asia-Pacific Region in the energy sphere”. “Some major Russian companies, including Gazprom, Rosneft, Zarubezhneft, Transneft, Lukoil and Rusgidro actively operate in the region, implementing joint projects in the oil and gas sectors, as well as in the construction of nuclear power plants,” he added.

The agenda of the ministerial meeting also includes prospects for the development of the energy sector in the region, the importance of natural gas in the total energy balance of APEC economies.

The ministers will also discuss ways to increase the safety of the nuclear power industry, problems of price formation and price volatility of the energy markets of region’s countries, measures to improve energy efficiency as well as the use of renewable and clean sources of energy.

A joint declaration is to be approved after two-day talks of the energy ministers.

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