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Putin urges G20 to create council for energy coordination

June 21, 2013, 14:42 UTC+3

“Such forum or council could carry out coordination tasks," said the Russian President

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ST PETERSBURG, June 21 (Itar-Tass) - President Vladimir Putin urges the G-20 to create a council for energy coordination.

“Such forum or council could carry out coordination tasks. Let’s urge the G-20 partners to think about it,” Putin said at a round-table meeting within the St Petersburg International Economic Forum.

“One cannot overestimate factors, which regulate energy and adjacent markets,” Putin said. “Their sustainable development directly depends on transparency of price setting, the effective currency and monetary policy and tax harmonization in different countries.”

“Most key energy projects are capital-intensive that requires predictable conditions for doing business,” the president stressed. “The problem of coordination hangs thick in the air. But at present, there is no idea to create a coordinating structure on the world arena,” he said.

“That is why I believe that such work should be started,” Putin said. “We’d be able to set up a council or a forum, which would unite working groups or sections, for example of consumers, producers, operators of the infrastructure, regulators etc,” the president said.

The G-20 summit will be held in St Petersburg in September.

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