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Russia preparing new initiatives on commodity markets transparency for G20 summit

May 29, 2013, 12:33 UTC+3

Vladimir Putin noted that Russia has consistently advocated the strengthening of the international legal regime in the energy sector

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MOSCOW, May 29 (Itar-Tass) - Russia is preparing new initiatives on transparency and predictability of the commodity markets for the forthcoming G20 summit in St. Petersburg, it is said in RF President Vladimir Putin’s greeting message to the participants in the first Asian and Pacific Energy Forum (APEF) that is held under the UN auspices.

“The prospects of long-term and sustained economic growth of our region and the world at large directly depend on the effective and rational functioning of the energy sector. Therefore, the coordination of efforts of countries of the Asia-Pacific region for ensuring universal, affordable and uninterrupted power supply based on the principles laid down in the decisions of the UN Conference on Sustainable Development in 2012, is important more than ever,” the Russian leader said in the greeting message the text of which posted on the on the official website of the Kremlin.

Putin noted that Russia has consistently advocated the strengthening of the international legal regime in the energy sector. “We have initiated the adoption of a comprehensive plan of action of the G8 on energy security that takes into account the interests of suppliers and consumers of fuel,” stressed the RF president, recalling that at the APEC summit in Vladivostok concrete ideas were put forward for increasing the share of ecologically clean natural gas in the energy balance of the Asia-Pacific region’s countries and expanding the use of peaceful nuclear energy.

He also pointed out that Russia’s hydrocarbon exports to Asia-Pacific continue to grow. “Our country is doing everything necessary to meet the region’s growing demand for energy resources. We increase the production on the existing and develop new fields in Eastern Siberia and in the Far East, we modernise transport infrastructure, have built the Eastern Siberia - Pacific Ocean (ESPO) major oil pipeline, are laying the main gas pipelines: Sakhalin - Khabarovsk - Vladivostok and Yakutia - Khabarovsk - Vladivostok,” Putin noted.

According to him, this large-scale activity goes in line with the Forum’s task - to work out the strategy for sustainable energy supply of the entire Asia-Pacific region for many years to come. “I am confident that this is quite achievable, if we combine our efforts in building a common energy market, if we work together on the basis of the state and business partnership, filling the political agreements with specific investment projects,” concluded the president of Russia.

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