Russia and Kuwait gearing up energy partnerships, Ministry of Energy of the Russian Federation

Release Date: 2010-08-03

Russia and Kuwait have formed an agreement for a bilateral partnership in peaceful use of nuclear energy, according to Sergei Shmatko, Minister of Energy of Russia, after the session of the Intergovernmental Russia-Kuwait Commission for trade and scientific cooperation on August 3, 2010 in Moscow

As Sergei Shmatko stressed, Russia is one of the world leaders in nuclear energy with the full production chain, "from processing natural uran to utilization of nuclear fuel". He stated that Russia and Kuwait "have an agreement for preparing an intergovernmental agreement for a bilateral partnership in peaceful use of nuclear energy".

Ahmed-Abdallah Al-Ahmed As-Sabah, Minister of Oil and Minister of Information of Kuwait, expressed his hope that the intergovernmental agreement will be signed very shortly.

After the session of the Intergovernmental Russia-Kuwait Commission, Sergei Shmatko announced readiness of the parties to create a Subcommission for energy, oil and gas and a Subcommission for investments and scientific cooperation. According to Shmatko, this step will allow both countries intensify bilateral trade and activate the existing economic potential.

Shmatko and Ahmed-Abdallah Al-Ahmed As-Sabah tounched upon issues related to creating favorable conditions to boost the Russia-Kuwait energy cooperation.

"Russia realizes the importance of its economic relations with the Gulf countries such as Kuwait. We see very good opportunities to develop our cooperation", - said the Russian Energy Minister opening the session.

Shmatko also noted that, "unfortunately, the level of economic relations of Russia and Kuwait is not yet adequate to the potential of both countries. Given the fact that bilateral trade turnover in 2009 was 1.5-fold higher ahead of 2008, we're talking about USD 77 mln only".

Type:	NORMAL
Company:	Ministry of Energy of the Russian Federation
Country:	Russian Federation