Russia seeks long-term gas supply contracts - Minister of Energy

Sergey Tsivilev added that gas is still the most environmentally friendly fossil fuel and the demand for it is increasing, first of all in Asia and Africa.

Moscow, October 16. /TASS/. Russian Energy Minister Sergei Tsivilev said Russia is looking to conclude long-term gas supply contracts to encourage investment in new fields.

"[The development of] new fields requires investment over decades, which is why long-term contracts, fair pricing and the removal of unilateral restrictions are important to us," he told reporters on the sidelines of the Russian Energy Week.

The minister added that gas remains the most environmentally friendly fossil fuel and demand for it is increasing primarily in Asia and Africa.

"Gas producers need a united voice to ensure that market rules take into account the interests of gas producers and buyers. The GECF (Assembly of Gas Exporting Countries - TASS) is a platform for practical cooperation," he said.

The Russian Foreign Minister added that Moscow is discussing the joint development and production of equipment for the gas and LNG industries, mutual recognition of standards and settlement in national currencies within the framework of the GECF.

The Russian Energy Week (REW) International Forum will be held in Moscow from October 14 to 16, sponsored by the Government of the Russian Federation, the Ministry of Energy of the Russian Federation and the Government of Moscow. The Roscongress Foundation organizes this forum. TASS is the information partner of the Russian Energy Week.