Spain and Russia have signed a broad agreement on energy cooperation involving electricity production from fossil fuels and renewable sources. The deal was announced during a state visit by Russian President Dmitri Medvedev to Spain.
The Spanish Prime Minister indicated it could be extended to include Europe. He said: “I’ve told President Medvedev that the Spanish presidency of the EU in the first half of 2010 would be a presidency in which substantial advances in relations with Russia could be made, particularly in the field of energy.” Moscow has made clear it aims to promote its energy interests abroad. He said: “I’d like to say Russia is favourable to establishing partnerships between our big energy companies and their European counterparts. Cooperation between businesses is the best way to establish energy security in Europe.” It is understood companies from the two countries will work closely together on exploration, transportation and distribution of oil and gas. There will also be joint development of alternative energy sources.