Russia calls for new energy deal with EU
Russian authorities are ready to elaborate a new EU-Russia energy agreement, which is to replace the much-disputed Energy Charter. The new agreement will regulate relations and help speed up progress in huge projects like the Nord Stream and Shtokman, the Russians say.
Deputy speaker in the Russian State Duma, the powerful gas lobbyist Valery Yazev, says Russia is ready to start elaborating on the agreement. Mr. Yazev calls for the organization of a grand Eurasian Energy Forum, which is to hammer out a compromise on the new agreement, newspaper Kommersant reports.
The new energy agreement is meant to replace the EU Energy Charter, the European energy document regulating relations between producers and consumers in Europe. Russia has long refused to ratify the charter, arguing that it will harm the interests of Gazprom. Other major Russian energy stakeholders like the Ministry of Energy, Transneft and the oil companies have however expressed support with the charter.
The Energy Charter has long been a stumbling stone in Russia-EU relations. As talks on a new Partnership Agreement between the parts was resumed last fall, the need for a compromise on energy issues is increasing.
A deal on Russian-EU energy cooperation is seen as vital for Gazprom and the Russian gas industry, which is experiencing increasing economic hardship as the financial crisis is unfolding. According to Kommersant, the industry also believes the agreement will help speed up projects like the Nord Stream pipeline across the Baltic Sea and the Shtokman field in the Barents Sea.
Meanwhile, also Russian President Dmitry Medvedev, himself the former board chairman of Gazprom, highlights the need for enhanced energy cooperation. As BarentsObserver reported yesterday, Mr. Medvedev in a recent speech stressed the need for more energy cooperation with western partners, saying that cooperation must be given more weight and bigger effects.
