With investment, Russia could light up Europe
AFP, October, 2005
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LONDON (AFP) — Russia has the energy resources to light up Europe, but first huge investment is needed to drag industry there into the 21st century, EU and Russian business and political leaders said.
"It is clear that Russia is key to providing secure supplies for the future," Britain's secretary of state for trade and industry, Alan Johnson, told a business conference in London on the eve of a Russia-EU summit.
Russia already provides about half of the 25-member European Union's natural gas and a third of its oil. And with 27 percent of the world's proven gas reserves, as well as vast, under-exploited oil fields, Russia could become the filling station for an energy-hungry Europe.
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"The world's largest integrated energy market is in Russia's back yard," Johnson said.
Sustained oil prices of around 65 dollars a barrel are helping Russia ...
