For Immediate Release
Office of the Press Secretary
May 24, 2002
President Bush, President Putin Announce New Energy Dialogue
Joint Statement by President George W. Bush and President Vladimir V. Putin on the New U.S.-Russian Energy Dialogue
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Successful development of the global economy depends on timely and
reliable energy delivery. In this context, we welcome the fact that
the Russian Federation has confirmed its role as a major world energy
provider. In order to strengthen our overall relationship and enhance
global energy security and international strategic stability, we have
agreed to launch a bilateral energy dialogue.
Through this Dialogue we seek to:
- Develop bilateral cooperation in the energy sphere on a
mutually beneficial basis in accordance with our respective national
energy policies.
- Reduce volatility and enhance predictability of global energy
markets and reliability of global energy supply.
- Facilitate commercial cooperation in the energy sector
enhancing interaction between our companies in exploration, production,
refining, transportation and marketing of energy, as well as in
implementation of joint projects including those in third countries.
- Encourage investment aimed at the further development and
modernization of the fuel and energy sector of Russia, including
expansion of oil and gas production in Eastern Siberia, the Far East,
and offshore areas.
- Promote access to world markets for Russian energy, including
through the commercial development and modernization of Russia's port
and transportation infrastructures, the electric power and gas sectors,
and oil refining capabilities.
- Foster science, technological, and business cooperation in the
use of unconventional energy sources, and energy-efficient and
environmentally clean technologies.
- Cooperate in elaboration and development of new ecologically
safer nuclear power technologies.
We intend to discuss energy issues at our future bilateral
meetings, and direct that these issues be integrated into our bilateral
agenda, at all levels of our governments. In this context, we welcome
the creation of the Russian-American Working-level Group on Energy
Cooperation.
We are encouraged that our commercial cooperation occurs not only
in Russia and neighboring areas such as the Caspian region, where
multiple pipelines and joint upstream investments in the energy sector
strengthen the sovereignty, prosperity, cooperation, and global
economic integration of all participating states. We also welcome our
commercial cooperation in the United States and in other countries
where our companies' and their international partners' experience,
technology, and capital can be joined to provide the commercially
reliable energy supplies which are essential to fostering prosperity
and global stability.
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