Russia proposes new energy security concept
Russia during its presidency of the G8 has proposed a new concept of energy security-security of demand, TNK(RTS: TNKO)-BP Executive Director for Gas Projects Victor Vekselberg said at an investment forum in Johannesburg.
"Traditionally, energy security has been understood to mean security of supply, but with Russia's leadership of the G8 a new concept has emerged - security of demand. Security of demand for suppliers of energy resources means adequate demand for their products at a reasonable price. This will make it possible to recover investment made earlier in the energy sector and to advance it further," Vekselberg said.
Vekselberg stated TNK-BP's position regarding high oil prices. "We are working on the world market and as a large supplier of oil we are not interested in working on such a volatile market. We need a predictable market, to plan," he said.