Russian President Vladimir Putin said on Monday that gas producers should share investment risks with gas consumers.
"Investors, of course, need clear and firm guarantees, but the crucial thing is that the investment risks should be shared equally between producers and consumers," Putin said addressing the Gas Exporting Countries Forum summit in the Iranian capital.
He added that under the rules of the market economy energy security should be provided by both exporters and importers of the natural gas.
Joint efforts of the gas exporting countries are very important for the global economy, Russian president Vladimir Putin said.
"Close cooperation of gas manufacurers and exporters is becoming the most important factor for sustainable development of the global energy industry," Putin said, speaking at a forum of gas exporting countries in Iran.
Russia will increase gas exports in the eastern direction, the Russian president added. He also noted that the cooperation with China and India is valuable.
"We are planning to increase gas exports in the Asian direction from six to 30 percent, to 128 billion cubic meters," the Russian president said.
Vladimir Putin said that Russian energy strategy until 2025 contains an increase in gas exploration by 40% — from 578 billion cubic meters to 885 billion cubic meters.
"We are estimating a significant, 40 percent, increase in natural gas production under national energy strategy until 2035…we are planing to produce 885 billion cubic meters in 2035," Putin said addressing addressing the Gas Exporting Countries Forum summit in the Iranian capital.
Russia is one of the largest gas producers in the world. The country’s energy giant Gazprom, which accounts for 12 percent of global gas output, said it would deliver to 158 billion cubic meters of natural gas to Europe in 2015.
GECF is an international governmental organization of the world’s leading gas producers. The member countries together account for some 67 percent of the world’s proven natural gas reserves.
The president also said that according to the forecasts the gas demand in the world by 2040 will increase by 32%.