Vice-Speaker of the Duma (lower house of the Russian parliament) Vladimir Pekhtin said on Friday that Russia expects the G8 summit to support its efforts to ensure reliable demand for energy.

"It goes without saying that every country has its own interpretation of energy security. For Russia, energy security primarily implies a reliable and long-term demand for oil and gas, " Pekhtin told journalists one day ahead of the annual summit of Group of Eight industrialized countries.

Russia holds the world's largest reserves of natural gas and remains the second-largest exporter of oil. The country provides about a quarter of the gas and 18 percent of oil consumed in the Europe.

He said that the western countries should accept the Russian gas-producing company Gazprom's access to European local networks.

He called for the support of the other G8 nations on the concept of demand security.

For suppliers this concept means adequate demand for energy at reasonable prices. This allows them to recoup their investment in the energy sector and develop it further.

"I hope that the G8 will make a balanced and clear-cut decision, and that this decision will benefit not only the producers but also the consumers of fuel," Pekhtin said.

Energy security tops on the official agenda of the upcoming summit.

Source: Xinhua