G8 energy forum agrees to stabilise oil prices, develop energy efficiency technologies

Apart from the energy ministers of the G-8 countries, the forum was attended by representatives from 14 countries, including Brazil, India, Mexico, the South African Republic, Saudi Arabia, South Korea, Egypt, Algeria, Australia, Libya, Nigeria, Rwanda, and Turkey, as well as EU Energy Commissioner Andris Piebalgs. The panellists lauded the results of the forum. In particular, Russian Energy Minister Sergei Shmatko said that the Rome Forum had discussed in details the reasonableness of oil prices. ?For the first time over the recent period, both producing and consuming countries have reached a common view on the fairness of oil prices, pointing to inadmissibility of their hikes,? Shmatko said. According to Italian Minister of Economic Development Claudio Scajola, the participants in the forum discussed in detail how to stabilise oil prices. In his words, the participating countries, both oil producers and consumers, expressed a common opinion that it is necessary to create stabilising mechanisms that will help to keep up prices at a reasonable level, thus making it possible for the consumer countries to maintain their economic growth rates. Upon the results of three sessions, devoted to climate changes, investments in energy safety, and development of programs aimed at preventing energy poverty, mainly in African countries, the panellists adopted joint statements of the ministers and the EU commissioner. In addition, during the forum they signed an agreement on the international partnership in the energy efficiency sphere, which will be implemented under the auspices of the International Energy Agency. During the forum, the participants also discussed prospects for the South Stream gas pipeline project. The Russian energy minister said that Russia has no serious discords with other countries, including Austria and Slovenia, on the project. ?The intergovernmental agreement has been being coordinated, which is necessary to finalize the project?s legal basis,? he said, adding, ?We are at the final stage. But I would not like to voice the exact term.? ?I am confident we can sign the documents with the two countries in the next few weeks,? Shmatko said. The Russian energy minister said that the South Stream project was represented by the Russian delegation as a report on the energy safety and one of the routes for the diversification of transits; Kazinform cites ITAR-TASS. See www.itar-tass.com for full version