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Mr Putin said Russian-US energy cooperation is of key importance not only for the two countries but also for the entire world. He said this sphere concerns the most sensitive issues of world development, and the atmosphere of trust between the partners is of particular importance here. The Russian President said he would discuss the problem of energy cooperation during his upcoming meeting with US President George W. Bush, due to be held in the United States.

Mr Putin said the two countries had a huge potential for cooperation not only in the oil producing sector, but also in processing coal, gas and nuclear energy. In particular, he said, Russia, considering its quite sustainable economic development, could become one of the major hydrocarbon exporters to the United States.

Mr Putin noted the possibility of establishing a company producing liquefied natural gas in the Barents Sea. It would be a bit more expensive than other projects, but eventually more profitable, he said.

The President said he considered Russia and the United States strategic partners and allies in dealing with the non-proliferation of weapons of mass destruction, one of the most pressing issues facing the humankind in the 21st century.

The Russian President said he would personally supervise the opening of the St Petersburg energy summit on Monday.

US Secretary of Energy Spencer Abraham, US Secretary of Commerce Donald Evans, Russian Energy Minister Igor Yusufov and Russian Minister of Economic Development and Trade German Gref attended the meeting.