MOSCOW, February 11 (RIA Novosti) - Energy production and consumption should be diversified, the finance ministers of the Group of Eight club of rich nations said in a joint statement after a meeting in Moscow Saturday.
The finance ministers highlighted the importance of increasing the transparency, punctuality, and reliability of data on supply and demand of energy resources and ensuring a continued flow of investment into prospecting, production, transportation, and refining of energy resources.
This would also help to diversify production and consumption of energy, while developing alternative sources of energy and protecting the environment, the statement said.
In order to improve the smooth financing of markets and increase their stability, the ministers agreed to push forward work in strengthening the dialogue on global energy policy between producer and consumer countries and the private sector.
Market principals are of key importance for the efficient functioning of the global energy system, the statement said.
The work of the existing energy forums such as the International Energy Agency, the International Energy Forum is important in achieving these goals, the ministers said.
Russia currently holds the rotating presidency of the G8, which includes the United States, Britain, France, Japan, Germany, Canada, and Italy; the European Union has a limited status.
Along with the finance ministers of the G8 nations, International Monetary Fund Director Rodrigo Rato, World Bank President Paul Wolfowitz, Finance Minister of Austria (which currently holds the EU Council presidency) Karl-Heinz Grasser, and European Commissioner for Economic and Monetary Affairs Joaquin Almunia, attended the meeting at Moscow's National Hotel.
St. Petersburg will host Russia's first summit of G8 leaders on July 15-17, 2006.
