Viktor Vekselberg, one of the owners of the Russian-British oil major TNK-BP, spoke at an investment forum in Johannesburg on Monday, saying that during its presidency of the G8 Russia proposes a new concept of energy security ? security of demand, Mosnews.com reported.
?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, quoted by the Interfax agency.
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 in such a volatile market. We need a predictable market to be able to plan ahead,? he said.
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Russia to Propose a New Energy Security Concept
"We are working on the world market and as a large supplier of oil we are not interested in working in such a volatile market."
