Russian President Vladimir Putin Tuesday called on wealthy countries to establish an international "energy security system" to avoid conflicts over the competition for energy supply.

In his article published in the Wall Street Journal, Putin said it is essential for the highly-industrialized countries "to pass on to the future generations a world energy architecture that would help avoid conflicts and counterproductive competition for energy security."

"Energy egotism in a modern and highly interdependent world is a road to nowhere," he said.

The Russian president said in order to fight the "lack of stability in the hydrocarbon markets, coordinated activities of the entire world community are needed,"

Putin called on the G-8 to focus on energy security as a strategic goal and "an engine of social and economic progress" while he suggested that non-G-8 countries should be engaged in the international initiatives aimed at promoting "innovation, energy saving and environmental protection." .

Source: Xinhua