Joining European Energy Charter good for Russia

Apr 13, 1998 02:00 AM

Russia's joining the European Energy Charter will enable Moscow to simplify the procedure of exporting its energy carriers to the West and to considerably step up this export, Peter Schutterle, Secretary General of the Charter, said.
He believes the Charter, which will go into effect on April 16, promotes the freeing of trade in energy carriers and is, therefore, fully in keeping with Russia's interests.
"We hope the Russian parliament ratifies the agreement," Schutterle said. "The transit of oil, gas and electricity through various pipelines and power grids will become one of the main articles of the revenues of the Russian Federation and other CIS countries in the future. In this sense, the energy Charter will be the first international document to surpass traditional framework of the General Agreement of Tariffs and Trade (GATT) and to create a legal base for the use of virtually all transit oil and gas pipelines," he said.
Experts of the energy Charter believe the development of the fuel and energy complexes of Russia and the CIS will require the investment of over $ 300 billion in the next 20 years.
"The investment may help create prerequisites for a breakthrough for the Russian economy and Russia's being turned into a state with stable economic growth," Schutterle believes.
He believes the forming of a good investment climate will lead to substantive cuts in expenditures for capital investment which many Western countries associate with high political risks in the CIS.

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