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Vladimir Putin: Mr Mulva, I am very pleased to see you again, this time in Russia. As far as I know, your business is developing successfully. You cooperate with many of our major oil and gas companies. I would like to see relations between Russian and American business develop more dynamically, especially in such a strategic sphere, as energy. I have been told that you are involved in investment and have certain plans in this direction. I would like to express my hopes that this area of your work will be as successful as everything that you have done so far.

Jim Mulva: Mr President, allow me to thank you for those very warm words. I would like to say that we are working very energetically to invest considerable sums in the energy dialogue. We have conducted huge work since our last meeting, which I think took place nine months ago. I would like to say that this work is very intense, and we are creating a very good investment climate with your help and support. We hope that this will allow us to make long-term investments in the Russian economy. We will develop our work with major companies representing Russian business.

Vladimir Putin:

You can count not only on my support. President George W. Bush and I have discussed the subject of joint work in the energy sphere on many occasions. I am certain that both the American and Russian sides will provide considerable assistance.

Jim Mulva:

Thank you, Mr President, for these words. I would also like to point out that we work very closely with the President of the United States, George W. Bush, and with his administration to attract new investment to the Russian economy. He is of great assistance in this cause and also greatly supports the development of bilateral relations with the Russian Federation.

Vladimir Putin: How would you appreciate your work in Russia and cooperation with our companies? I know that you cooperate with Rosneft and Gazprom and one of our biggest and most efficiently developing companies, LUKOIL. What are your assessments?

Jim Mulva: Mr President, you have mentioned a number of companies who we cooperate with in such areas as surveying oil and gas field, and working on natural gas condensate. I would like to say that we are cooperating very well: we exchange technical data and experience. As far as the strategic development of our cooperation is concerned, we hope that we can develop these energy resources not only for Russia, but also for export to other countries, including European and North American countries.

Vladimir Putin: Yes, naturally, we think about this as well. The Russian government is currently engaged in adopting a final decision on another strategic issue, which is very important for the sector, namely the development of the pipeline system.