BRICS nations should coordinate positions in energy cooperation - Novak
MOSCOW. Oct 14 (Interfax) - The influence of BRICS nations on the international arena is increasing due to the increasing economic power of the participating states, and it is imperative for them to coordinate their positions in energy cooperation, Russian Energy Minister Alexander Novak said.
"Today, the BRICS nations represent nearly one fourth of global GDP and over a third of global consumption and production of energy. In this regard, it is very important to coordinate the positions of our nations where we have common interests and speak from a unified position in global platforms which concern themselves with matters of international energy cooperation," he said.
"We have already begun to implement this idea in practice. Our nations have launched informal consultations on the sidelines of the G20 and on the sidelines of the World Energy Council. Beginning our work this year, we have collectively determined three key vectors of the energy dialogue. These are the support for the development of the national energy systems of BRICS nations, technological cooperation and facilitation of improved terms for investment in energy, contributing to the stability of energy markets and increasing the role of BRICS in the global energy dialogue," Novak said.