"One of the keys to global energy security is the fair division of risks between producers, transit parties and consumers of energy resources," Vladimir Putin said during his meeting with energy ministers from the Group of Eight industrialized nations in Moscow.
Putin said steps to provide stable demand should consistently bolster measures to ensure the reliability of supplies.
"Essential tools such as long-term contracts between the producer and the supplier must be developed for this purpose," the president said.
He said this would suit the specifics of investment in energy projects and long payback periods. It will also serve as a prerequisite for the coordination of efforts to prospect and develop new deposits and introduce new technologies and means of delivery of energy resources to consumers.
"I suppose the mutually beneficial exchange of assets between energy companies will play an important role in the division of risks," the president said.
He added that Russia was taking the first steps in that direction with its German partners and stressed that Moscow was ready for this kind of work with other countries as well.
The president also reminded those present that Russian companies were already implementing strategic projects for the enhancement of global energy security.
"We are considering the development of the Shtokman natural gas deposit, and the construction of the North European Gas Pipeline is happening at a fast pace. We are also tackling problems related to the construction of the East Siberia-Pacific oil pipeline," Putin said, pledging that world energy markets would soon feel the positive effects of those projects.
