EU injects more into Russia’s power sector than Russia does in Europe

Oct 17, 2007 02:00 AM

Europe’s investments in the power sector of Russia are materially above the amount that Russia funnels to Europe, Russia’s Envoy to the EU Vladimir Chizhov said.
“Once the investments of European countries in Russia’s fuel and energy sector are calculated, they will be five to seven-fold above the overall amount that Russia has invested in all states of the EU,” Vladimir Chizhov announced.

The extent of Europe’s investments in power engineering, which amount is from EUR 6.8 bn to EUR 10.3 bn, has been ensured, first of all, by arrival of such energy giants as Shell, Total and BP, Chizhov explained.
But Russia’s companies are also interested in entering the market of Europe, particularly its energy sector, Chizhov said, pointing out that “the energy business isn’t selling on vegetable or flower market, it calls for long-term and huge investments at the very start of the project’s implementation.”

“This business presents a risk, the risk is to be shared by a supplier and a consumer based on certain fairness,” Chizhov specified. Meanwhile, the diplomat went on, “the European partners speak only about stability of supplies but don’t speak of stability of demand.”
“But the supplier should be sure that the product will be demanded in 10 to 15 years, it especially relates to the gas sector,” Chizhov said.

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