    [Public Papers of the Presidents of the United States: George W. Bush (2002, Book II)]
    [November 22, 2002]
    [Pages 2112-2113]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Joint Statement by President George W. Bush and President Vladimir V.
    Putin on Development of the U.S.-Russian
    Energy Dialogue
    November 22, 2002

        Last May, we launched an energy dialogue to strengthen the overall
    relationship between our countries, and to enhance global energy
    security, international strategic stability, and regional cooperation.
    Already we can see important benefits from this new aspect of our
    relations.
        A key success in this new dialogue was the first-ever U.S.-Russia
    Commercial Energy Summit held in Houston in the beginning of October
    with the participation of both countries' governmental, business and
    scientific circles. The Houston Summit created new avenues for dialogue
    and cooperation on energy issues and led to decisions on concrete new
    investment projects and programs and business arrangements. We thank the
    more than 70 companies that contributed to its success and look forward

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    to the next energy summit, to be hosted in Russia in 2003.
        We also support the further strengthening of relations between the
    U.S. Department of Energy, the U.S. Department of Commerce, the Ministry
    of Energy of Russia, and the Ministry of Economic Development and Trade
    of Russia. We welcome as well the activities of the intergovernmental
    American-Russian Working Group on Energy Cooperation. We note our
    Ministers' commitment to educational initiatives to promote best
    technical and managerial practices.
        Commercial cooperation plays the key role in the U.S.-Russia Energy
    Dialogue. One of the most important results of the Houston Summit was
    the establishment of the Commercial Energy Working Group. We strongly
    support the efforts of the American and Russian companies involved to
    identify new and mutually beneficial commercial opportunities and to
    take down barriers to trade and investment.
        At present, American and Russian companies are working hard to
    further connect the American and Russian energy markets. We welcome the
    first delivery to the United States of Russian crude oil in July; the
    establishment of enterprises that will market Russian energy in the
    U.S.; and the proposal to build a deep-water port in Russia for energy
    exports. As a symbolic example of our deepening energy relationship, we
    note that for the first-time ever Russian crude oil was delivered to the
    United States Strategic Petroleum Reserve.
        Investment is necessary to ensure the further development of
    Russia's energy and energy transportation sectors. To that end, we
    welcome several memoranda of understanding recently signed by Russian
    companies with the Export-Import Bank of the United States, as well as
    agreements signed with the Overseas Private Investment Corporation.

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