    [Public Papers of the Presidents of the United States: George W. Bush (2002, Book I)]
    [May 24, 2002]
    [Pages 880-881]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Joint Statement by President George W. Bush and President Vladimir V.
    Putin on the New U.S.-Russian Energy Dialogue
    May 24, 2002

        Successful development of the global economy depends on timely and
    reliable energy delivery. In this context, we welcome the fact that the
    Russian Federation has confirmed its role as a major world energy
    provider. In order to strengthen our overall relationship and enhance
    global energy security and international strategic stability, we have
    agreed to launch a bilateral energy dialogue.
        Through this Dialogue we seek to:

         Develop bilateral cooperation in the energy sphere on a
                mutually beneficial basis in accordance with our respective
                national energy policies.
         Reduce volatility and enhance predictability of global
                energy markets and reliability of global energy supply.
         Facilitate commercial cooperation in the energy sector
                enhancing interaction between our companies in exploration,
                production, refining, transportation and marketing of
                energy, as well as in implementation of joint projects
                including those in third countries.
         Encourage investment aimed at the further development and
                modernization of the fuel and energy sector of Russia,
                including expansion of oil and gas production in Eastern
                Siberia, the Far East, and offshore areas.
         Promote access to world markets for Russian energy,
                including through the commercial development and
                modernization of Russia's port and transportation
                infrastructures, the electric power and gas sectors, and oil
                refining capabilities.
         Foster science, technological, and business cooperation in
                the use of unconventional energy sources, and energy-
                efficient and environmentally clean technologies.
         Cooperate in elaboration and development of new
                ecologically safer nuclear power technologies.

        We intend to discuss energy issues at our future bilateral meetings,
    and direct

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    that these issues be integrated into our bilateral agenda, at all levels
    of our governments. In this context, we welcome the creation of the
    Russian-American Working-level Group on Energy Cooperation.
        We are encouraged that our commercial cooperation occurs not only in
    Russia and neighboring areas such as the Caspian region, where multiple
    pipelines and joint upstream investments in the energy sector strengthen
    the sovereignty, prosperity, cooperation, and global economic
    integration of all participating states. We also welcome our commercial
    cooperation in the United States and in other countries where our
    companies' and their international partners' experience, technology, and
    capital can be joined to provide the commercially reliable energy
    supplies which are essential to fostering prosperity and global
    stability.

    Note: An original was not available for verification of the content of
    this joint statement.