Page 43 - 4921

guarantees that would allow minimising the risks of a new economic crisis.
We need to continue the discussion of all these issues, including debates at such venues as the G 20
meeting in London.
The decisions that we are now making must not only respond to the current situation, but also address the
demands of a new, post-crisis world.
While struggling its way out of the crisis, the global economy may face a shortage of energy resources.
There will simply be no juice for the future growth.
Three years ago Russia held the G8 summit focused on global energy security. We called for mutual
responsibility on the part of suppliers, consumers and transit states. I believe it’s high time for action. We need to
launch a system of responsibility that would really work.
The only way to ensure a true energy security for the whole world is to forge an interdependency,
including an exchange of assets, – but without discrimination or double standards. Such interdependency is
something that is definite to bring about a genuine mutual responsibility.
Unfortunately, the existing energy charter has failed to become a working tool that could be used to
solve problems.
I propose to work out a new international legal framework for energy security. If implemented, our
initiative could have the same economic impact as the Treaty establishing the European Coal and Steel
Community. That is, we will be able to unite consumers and producers in a common energy partnership that
would be real and based on clear-cut international rules.
We all realise that sharp and abrupt price fluctuations for energy resources are a strong factor that
destabilises the world economy. The current price collapse could lead to the increase in non-expedient
consumption of resources.
On the one hand, investment into energy saving projects and alternative energy sources will decline. But
on the other hand, oil companies will cut the spending for the oil extraction – inevitably prompting a fall. That,
in its turn, will again lead to skyrocketing prices and a new crisis.
We must get back to an averaged price based on the balance of demand and supply. We need to make our
market clear of speculations brought about by secondary financial instruments.
One of the key problems is the safe transit of energy. There are two ways to solve the issue and both of
them must be used.
The first way is transition to universally recognised market principles of tariffs formation for transit
services. They can be fixed in international legal documents.
The second way is development and diversification of transportation routes for energy resources. We
have been actively working in this direction for a long time.
Only in recent years we fulfilled such projects as gas pipelines “Yamal-Europe” and “Blue Stream”. Life
has proved their urgency and demand.
I am convinced that such projects as “South Stream” and “Nord Stream” are equally vital for the energy
security of Europe. Their total capacity is about 85 billion cubic metres of gas a year.
“Gazprom” together with its partners, the companies “Shell”, “Mitsui”, “Mitsubishi” will soon start
operating facilities for liquefying and transportation of natural gas produced in the area of Sakhalin Island. It is
also Russia’s contribution to the global system of energy security.
We have been developing the infrastructure of our oil pipelines. The first phase of constructing the Baltic
pipeline system has already been completed.
BPS-1 provides produces up to 75 million tonnes of oil a year. Moreover, it directly delivers it to
consumers through our ports in the Baltic Sea. In this way, transit risks are absolutely eliminated.
At present the work for designing and construction of BPS-2 is under way. Its oil carrying capacity is 50
million tonnes a year.
42