Russia ready to offer Philippines supplies of LNG, LPG, construct NPP - deputy industry and trade minister

MOSCOW. Sept 19 (Interfax) - Cooperation between Russia and the Philippines in the energy sector could become one of the drivers for the growth of trade turnover between the two countries, which is currently subject to external conditions and in need of diversification, Deputy Industry and Trade Minister Alexei Gruzdev said at a meeting of the joint Russian-Philippine commission on trade and economic cooperation.

"We see good prospects for increasing interaction in the energy sector. I mean establishing supplies of traditional energy carriers, including liquefied natural gas [LNG] and liquefied petroleum gas [LPG]," he said.

In addition, Russia sees significant potential for cooperation in the peaceful use of nuclear energy, he said. "Rosatom state corporation is ready to offer effective energy solutions, including construction of low-capacity nuclear power plants, as well as floating power units," Gruzdev said.

Russian companies are also interested in providing engineering services in the field of designing hydropower facilities, creating renewable energy facilities, and supplying equipment for energy projects in the Philippines.

Currently, bilateral trade turnover is "subject to the influence of geopolitical and geo-economic factors, serious volatility in global commodity markets, which unfortunately directly affects the dynamics of our trade relations," Gruzdev said. Under these conditions, work is needed to improve the quality of mutual trade and diversify its structure, he said.

Currently, Russian exports to the Philippines are dominated by products from the metallurgical and chemical industries and the timber industry, as well as agricultural goods and food products. Counter supplies are represented by electronics, chemical industry goods and agricultural products.