Vladimir Putin: Everybody should pay for energy safety

Vladimir Putin: Everybody should pay for energy safety

The 3rd summit of the Forum of Gas Exporting Countries (GECF) is taking place in Tehran today. Russian President Vladimir Putin's speech came to an end a few minutes ago, where he underlined the importance of the forum's decisions. "The decisions that will be included in the final declaration should give an additional impetus to our cooperation and make our joint efforts to improve the international gas trade more effective,'' the Russian leader expressed his confidence.

According to him, coordination of activities of the Gas Exporting Countries is becoming increasingly important for the regulation of the gas markets. "Close cooperation among manufacturers and suppliers of gas is becoming an increasingly important factor for sustainable development of the global energy industry," Vladimir Putin said.

The Russian President also drew attention to the need to share investment risks in gas contracts by suppliers and buyers of gas. "Of course investors need clear and firm guarantees. But the most important ting is that future consumers should be responsible for investment risks along with gas producers. Everybody should pay for energy security – both exporting countries, and buying countries. It is fairly and fully in the spirit of market relations,'' he explained.

In this regard, Vladimir Putin called the preservation of long-term contracts and the take-or-pay ("take or pay") principle as part of ensuring stability of gas markets. "In any case we should not refuse from the practice of long-term contracts and the take-and-pay practice, proven over the years in order to attract investment to the gas industry. I think it is important that participants of the gas market should showed solidarity," the head of the Russian state said.

Russian President also assured the audience that Russia can implement all its plans to export gas, as well as pipeline projects. He said that, according to the developed Russian national energy strategy, the growth of gas production is to reach 885 billion cubic meters per year (40% of the current volume) by 2035, and gas exports for Asian routes are to reach 128 billion cubic meters a year.

"We and our partners from the European Union are planning to implement a number of energy projects. Turkey is negotiating the southern route. We will also increase the supply of gas to the East. We have a positive cooperation there with China, India and other Asian countries. We are planning to increase our exports from 6% to 30% in the Asian direction," RIA Novosti cites Vladimir Putin as saying.

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