[Weekly Compilation of Presidential Documents Volume 38, Number 47 (Monday, November 25, 2002)]
[Pages 2075-2076]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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 
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.

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