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. Last Updated: 07/27/2016

U.S. Calls On Russia To Deliver

U.S. Commerce Secretary Don Evans was quoted Tuesday as saying Russia must deliver on a series of energy investments to win the confidence of the industry and build trust with the United States

Evans told the Financial Times in an interview that two big energy investments would prove critical in convincing skeptical investors to return to Russia.

The two are the Caspian pipeline from Azerbaijan to Turkey and on the Russian island of Sakhalin, where ExxonMobil is leading a consortium to build a gas pipeline to Japan.

Evans said Russia's treatment of U.S. investors was critical to the broader bilateral relationship between the countries. "I think what economic relationships give you an opportunity to do is to strengthen the atmosphere of trust," he said. "If Russia is creating an environment that is friendly to American capital, it strengthens our friendship and … the trust between the two countries."

"There is no question that the energy sector in the last 10 years has had some disappointments, but there are some very important projects that are coming to fruition that will help define the level of trust that we will see between the oil and gas community here and Russia."

Evans was part of a delegation of U.S. security and economic officials President George W. Bush sent to Moscow last month. At the time, Evans said he would return in October as the head of a trade mission of American executives to discuss business opportunities.

(Reuters, MT)