Russia to suggest forming energy association, fuel bank at BRICS summit

Russia will suggest setting up an energy association and a reserve fuel bank during the BRICS summit that takes place in Brazil July 15-16, Yury Uskakov, a Russian presidential aide, told reporters.

Russia will suggest setting up an energy association and a reserve fuel bank during the BRICS summit that takes place in Brazil July 15-16, Yury Uskakov, a Russian presidential aide, told reporters.

"Russia intends to suggest several specific subjects for consideration, namely the formation of a BRICS energy association to ensure the energy security of BRICS members," Ushakov said ahead of President Vladimir Putin's visit to Brazil.

Ushakov said the association would also conduct full market research and analysis of the world hydrocarbon markets.

"A reserve bank of fuel and BRICS energy policy institute would also be set up in the framework of this association," he said.

But the proposal has not yet been detailed.

Asked who in Russia had come up with the idea to set an energy association up, the authorities or companies, Ushakov said this was a "joint initiative that has already been discussed at government level."

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