EVANS: “SUMMIT SIGNALS A NEW PHASE
OF ENERGY DIALOGUE BETWEEN
THE UNITED STATES AND RUSSIA”

St. Petersburg, Russia -- U.S. Secretary of Commerce Don Evans announced today that significant advances had been made during two days of energy discussions between U.S. and Russian corporate and government leaders in forging new commercial partnerships, expanding energy investment, and strengthening global energy security.

“There is no question that the United States and Russia have entered into a new phase of energy dialogue with emerging opportunities for joint energy projects and increasing openness by energy companies in both countries,” Evans said at the conclusion of the second U.S.-Russia Commercial Energy Summit. “I am particularly pleased to see new U.S.-Russian company partnerships forming here in Russia. The combination of Russian companies and resources with U.S. know-how, technical advancement, and capital offers dynamic possibilities. Russia is an extraordinarily important player in the global energy market and, with a business climate enhanced by additional reforms and the other actions needed to attract investment, the country can play an increasingly important role on the world stage.”

More than 600 U.S. and Russian energy companies joined Secretary Evans, U.S. Energy Secretary Spencer Abraham, Russian Minister of Economic Development and Trade German Gref and Minister of Energy Igor Yusufov in St. Petersburg at the Energy Summit to discuss expanding partnerships and new opportunities for investments between the oil and gas industries of both countries. Topics included projects with commercial possibilities for U.S. energy companies such as the development of an oil pipeline to Murmansk and exporting Russian liquefied natural gas to the United States.

“Economic growth and stability around the world depend on reliable, affordable sources of energy,” Evans said. “President Bush and President Putin laid the foundation for this important dialogue on energy. Both our governments and industry have agreed to continue cooperative efforts to ensure greater energy security for our countries, additional energy supplies for global markets, and greater hope for people around the world.”

Secretary Evans is also leading a business development mission in Russia. The 13 CEOs from small, medium and large U.S. energy and energy-related firms participated in the Energy Summit and will also be meeting with their Russian counterparts in St. Petersburg and Moscow to develop or expand commercial opportunities in Russia.