St Petersburg, July 15, 2006
Canada and Russia have many interests in common in the development of their national energy sectors and in supporting well-functioning international energy markets. Our two countries are major producers and exporters of energy, and play an important role in enhancing global energy security.
We welcome the important and timely discussion of global energy security at the G8 Summit in Saint-Petersburg. Together, G8 countries can underscore the key principles that need to underpin our national energy policies and will help us meet today's global energy, environment and development challenges.
In taking joint action to enhance global energy security and to address environmental challenges, we will focus on diversification of energy sources, encouraging investment in the energy sector, in addition to energy efficiency, scientific and technological cooperation, renewables and alternative sources of energy.
We will fully respect market principles and ensure that open, clear and predictable policy and regulatory frameworks are in place. We will also ensure that transparent tax, legal, regulatory and commercial conditions are in place to remove barriers to trade and encourage mutual investments in the energy industry.
We welcome close cooperation between Canadian and Russian energy industry players and will work to facilitate these relationships, with a view to promoting international trade, particularly in the area of liquefied natural gas (LNG). We believe that such growth and development of the LNG market will play an important role in enhancing global energy security.
Canada and Russia look forward to the possibility of enhanced civil nuclear cooperation and, in this regard, completing arrangements that will help facilitate mutually beneficial trade in uranium.
We intend to develop our cooperative dialogue on energy security both through enhancing our bilateral relationship and through existing multilateral fora, with the goal of implementing agreements reached at the G8 Summit in Saint-Petersburg.
Source: Official website of the Russian G8 presidency