Pursuant to the agreements on the establishment of a Russian-British Energy Dialogue reached between the Russian Minister of Industry and Energy Victor Khristenko and the British Minister of Trade and |Industry Alistair Darling in February 2007, deputy ministers Andrei Dementiev and William Rickett determined the format and content of further cooperation.

A number of issues of cooperation in the sphere of national energy policy and mutual investments were discussed.

Mr.Rickett proposed holding the next meeting of deputy ministers in the autumn of this year and a ministerial meeting next year. Andrei Dementiev supported the proposal stressing that the meeting of deputy ministers could be held in the format of a Conference as part of the Second International Energy Week – Moscow Energy Dialogue. The conference is to compare the energy strategies of Russia and Britain, with mechanisms for reducing gas flaring to be discussed as part of the energy efficiency discussion. Speaking about the principles of energy security, Andrei Dementiev recalled that Russia initiated a broad discussion of the issue last year and noted that “energy security cannot be unilateral”. On the question of mutual investments, William Rickett stressed that of late trade and mutual investments have developed rapidly between the two countries. For his part Andrei Dementiev said that the bill On the Procedure of Foreign Investments in Russia in Commercial Organizations of Strategic Importance for the National Security of the Russian Federation was in the final stages of approval. The law would make the investment climate in Russia more transparent and friendly. In conclusion the Russian deputy minister of industry and energy said that a round table on “Dialogues with Foreign Investors” as part of the Petersburg Economic Forum would continue the discussion of mutual investments.