[Weekly Compilation of Presidential Documents Volume 38, Number 21 (Monday, May 27, 2002)]
[Pages 903-904]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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:

[[Page 904]]

 <bullet>    Develop bilateral cooperation in the energy sphere on a 
            mutually beneficial basis in accordance with our respective 
            national energy policies.
 <bullet>    Reduce volatility and enhance predictability of global 
            energy markets and reliability of global energy supply.
 <bullet>    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.
 <bullet>    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.
 <bullet>    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.
 <bullet>    Foster science, technological, and business cooperation in 
            the use of unconventional energy sources, and energy-
            efficient and environmentally clean technologies.
 <bullet>    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 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.