Russian, U.S. Companies Keen on Energy Cooperation: Novak

Energy Minister Alexander Novak said after a meeting with U.S. Ambassador to Russia John Sullivan on Thursday that Russian and American energy companies are interested in expanding cooperation and fulfilling Russia’s investment potential, RBC reports.

“The Russian Energy Ministry is ready to resume dialogue with the U.S. side in the energy sector, including on potential areas of cooperation such as the environment and analysis of the situation on the oil and gas market, as well as interaction on international platforms, including the G20, provided there is a constructive approach on the part of our partners,” Novak said as quoted by the Energy Ministry.

“We welcome cooperation at the corporate level – the work of the companies of our countries shows their interest in expanding cooperation and fulfilment of our investment potential,” Novak said.

Russian-U.S. energy cooperation has stalled due to Washington’s sanctions policy. In particular, U.S. sectoral sanctions prohibit investment and technological cooperation on projects to develop the Russian offshore zone, including the Arctic.

The most recent U.S. sanctions have halted the construction of the almost completed Nord Stream 2 gas pipeline. The White House has lately threatened with new sanctions against the gas project and Russian state oil company Rosneft over the company’s cooperation with Venezuela.

Meanwhile, U.S. Energy Information Administration (EIA) data showed Russia’s energy exports to the United States have reached an eight-year high in October 2019.

Russia exported 20.9 million barrels of crude oil and petroleum products to the U.S. in October 2019, the highest one-month total since November 2011. Russia also surpassed Mexico as the second-largest energy supplier to the U.S. in October 2019, behind Canada.

Scroll to Top