Saturday, December 24, 2005


Russia plans to lead the world in energy

Extracts from a report yesterday in India's press:

Energy security would be one of the main issues at the G-8 summit in St Petersburg next summer as Russia is to get the rotating G-8 presidency from Britain on January 1, 2006. US, Canada, France, Germany, Italy and Japan are also members of the elite club of the world’s most-industrialised democracies.

[The President of Russia] said Moscow was willing to open new gas and oil pipelines to reach the Asian markets to create new energy set-up in the world to avoid conflicts among future generations over energy resources. "We must use these positions in the interests of the whole international community, but not to the detriment of our national interests," Putin said in his opening remarks, televised on Thursday night by main Russian TV channels. "This energy set-up should be equally fair for the producers and consumers of energy resources for the sustained economic growth in the world," he underscored.


The aim of the Russian presidency of the G8 in 2006 seems to be to sustain economic growth in the world.

In this connection, the Chinese press report statistics from the International Monetary Fund:

1. The world economy will grow by 4.3 percent in 2005;
2. China and India will continue their rapid progress with annual growth of 9.0 and 7.1 percent respectively. The U.S. economy will grow by 3.5 percent, the euro-zone 1.2 percent, Russia 5.5 percent and the Japanese economy will start recovering with a growth of 2 percent;
3. Economic growth in Africa and Latin America will also reach 4.5 and 4.1 percent next year.

"However, threats remain to the world economy, and at the top of all the disturbing factors loom the high oil prices. Other potential threats include a deteriorating current account balance in the United States and consequent dollar fluctuation, an increase in long-term interest rates, falls in property prices, and a major outbreak of bird flu."
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