WASHINGTON, DC -- U.S.   Secretary of Energy Spencer Abraham and Russian Minister of Energy Igor Yusufov joined with U.S. Commerce Secretary Don Evans and Russian Minister of Economic Development and Trade German Gref, today to open the Second U.S.-Russia Commercial Energy Summit in St. Petersburg, marking the city's 300^th anniversary.  The foundation for the Summits was developed during a meeting between Presidents Bush and Putin in May, 2002.  The first summit was held in Houston last year, and included a visit to the Strategic Petroleum Reserve (SPR) by the official delegation just days after the SPR had accepted its first-ever shipment of Russian oil.

"The first Commercial Energy Summit in Houston was successful because it brought together the major gas and oil companies from both Russia and the U.S. for the first time to identify new opportunities for investment in Russia and for improvement in its energy infrastructure," Secretary Abraham said.  "The Summits provide opportunities for energy market growth in both nations, which will improve each nation's energy security.  This is international cooperation at its best, with benefits for all participants."

By expanding their cooperation through the Summits, participating members of the U.S. and Russia energy sectors enhance their ability to solve common problems, to develop projects of mutual benefit to both countries, and to create improvements in areas such as electricity reform, energy efficiency and alternative energy sources.   The St. Petersburg Summit will help remove obstacles to success in energy-related areas of interest to both countries and will include discussions of increased investment in Russia's energy infrastructure. 

"Presidents Bush and Putin agreed that there were certain common imperatives in our energy relationship -- investment, market access, small and medium enterprise development and commercial partnerships," Secretary Abraham said.  "The Summits have enabled us to move forward in each of those areas and assist Russia as her role in the global energy market increases."

Topics expected to be discussed in St. Petersburg include the development of an oil pipeline to Murmansk, which could in turn ship large amounts of crude oil to an all-year port capable of loading very large crude carriers for shipment to the U.S.  Additionally, Summit participants will discuss large Russian Liquefied Natural Gas (LNG) projects capable of shipping large amounts of LNG to U.S. as well.  The topics are elements of Russia's energy infrastructure development that could include significant roles for U.S. companies.

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