BMW to resume premium car deliveries to RussiaBusiness & Economy January 17, 15:48
Russia to appeal ECHR decision on illegitimacy of Dima Yakovlev lawRussian Politics & Diplomacy January 17, 15:40
Record-breaking KAMAZ trucksBusiness & Economy January 17, 15:37
Russian PM says up to $1.8 bln to be earmarked to prop up economy in 2017Business & Economy January 17, 15:35
Lavrov says tensions in Balkans growing, standoff must be preventedRussian Politics & Diplomacy January 17, 15:16
Russian top diplomat: Moscow denies worship of Western liberal valuesRussian Politics & Diplomacy January 17, 15:04
Russia to replace carrier rocket engines after Progress cargo spacecraft crashScience & Space January 17, 14:59
Lavrov blasts Voice of America’s report on alleged Russian hacker attacks as ‘lie’Russian Politics & Diplomacy January 17, 14:46
Lawyer says ECHR decision gives US applicants chance to adopt Russian orphansWorld January 17, 14:25
MOSCOW, May 15. /ITAR-TASS/. Russia is calling on global energy partners to create a new agency tasked with regulating international markets.
The initiative was launched in an address by Russian Energy Minister Alexander Novak at the International Energy Forum (IEF) on Thursday, defining the proposed structure as an instrument for forecasting developments in the global markets, revealing "negative trends" and coordinating policies to reverse risk.
Novak called for "fair risk allocation between all energy market members" to ensure secure supply and demand. Long-term supply contracts played an undeniable role, he told delegates from countries generating more than 90% of global oil and gas supply and demand.
Fulfilment in good faith of contractual obligations, including due payments for deliveries, was a key factor in ensuring secure and reliable energy supplies, the minister told the Riyadh, Saudi Arabia-based forum.
“Unfortunately, recent events suggest this is not always the case, which causes serious risks and endangers secure and reliable supplies to consumers,” Novak said, adding that Russia “consistently seeks to stabilize the market to guarantee sufficient investment in new projects”.
“Improving the institutional environment is a difficult and time-consuming process,” Novak told the gathering, asking forum participants to join global dialogue on the nature of a new "international institutional environment".
Founded in 1991, IEF is the world's largest recurring gathering of energy ministers. It assembles 89 energy-producer and consumer countries alongside the European Union, the International Energy Agency (IEA) and the Organization of Petroleum Exporting Countries (OPEC).