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Putin defends Russia's energy supplies to EuropeAFP/ITAR-TASS/Dimitry Astakhov
Russian President Vladimir Putin delivers his speech during his annual address at the Kremlin in Moscow. The United States has "differences" of opinion with Russia, but there is an open relationship that allows the two to speak frankly, State Department spokesman Sean McCormack said.
By Dario Thuburn
AFP
MOSCOW
Petroleumworld.com 05 11 06
President Vladimir Putin defended Russia's role as a stable energy supplier to Europe but urged increased spending in the sector domestically to secure a leading position in world markets.
"Russia can play a positive role in the formation of a unified European energy strategy," Putin said in his annual state of the nation address, seen as an indicator of Russian policy thinking.
In the energy sphere, he added, "we must do everything not only for our domestic development, but also to fully meet our obligations to our traditional partners."
Later in the speech, however, the Russian leader said Russian energy groups should also work on "conquering lucrative new markets" -- an apparent reference to Moscow's growing interest in exporting to energy-hungry Asian markets such as China and Japan.
The European Union, the main export market for Russia's state-controlled gas giant Gazprom, depends on Russia for more than a quarter of its natural gas supplies.
This market share has raised concern among some European officials in recent months, prompting Gazprom to threaten to divert supplies away from Europe to Asia and the United States if its plans to expand business in the European Union are countered.
Last week, US Vice President Dick Cheney accused Russia of using its vast oil and gas reserves as "tools of manipulation or blackmail," joining a chorus of criticism since Russia's brief cut-off in supplies to Ukraine in January affected natural gas deliveries across Europe.
But in his speech, Putin hailed Gazprom's growing influence, pointing out the company had grown in value to become the third largest in the world, after US giants ExxonMobil and General Electric.
"Gazprom has become the third largest corporation in the world by market capitalisation while keeping relatively low fares for Russian consumers," he said.
Last week, Gazprom reached market capitalisation of more than 300 billion dollars (235 billion euros), overtaking Microsoft.
"We feel confident in the extractive industries. Our companies are fully competitive," he said, contrasting this to other sectors of the economy, such as manufacturing that Putin said had fallen behind those of other countries.
Putin, however, urged increased investment in oil refining and energy transport capabilities in Russia, the world's second largest producer of crude oil and owner of a quarter of global natural gas reserves.
"Only this way can we secure leading, stable positions on energy markets in the long term for Russia."
The Russian leader also called for more effort in developing Russia as an exporter of nuclear energy technology.
"Russia's position on world markets for nuclear machinery has to be strengthened, making full use of our knowledge, know-how, latest technologies and, of course, international cooperation," he said.
Putin devoted a large part of his speech to a call for development of sectors in the economy other than energy in response to warnings that the country is becoming too dependent on its natural resource exports.
"In the context of fierce international competition, the development of the country has to be based above all on its scientific and technological advantages," he said.
Space research, nanotechnology and telecommunications, he added, were all sectors in which Russia could have a competitive edge.
AFP 10 1326 GMT 05 06
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