US companies may invest more in the Russian oil and gas industry because President Vladimir Putin is making his country a better place to earn money, US Ambassador to Russia Alexander Vershbow said in an interview.
“We see great potential for additional investments in the energy sector,” Vershbow said. “We have a government in Moscow that now seems to get it as far as what it needs to do to attract foreign investment.”
Exxon Mobil, Royal Dutch/Shell and BP are among the foreign oil companies boosting investment in Russia, which is the world's second largest producer of oil behind Saudi Arabia. Russia is the world's largest natural gas producer and sits on almost a third of the globe's reserves of the fuel.
Russia plans to increase energy exports to the US, which is trying to cut its reliance on the Middle East after the September 11th attacks raised concerns about the reliability of supplies from the region.