During the Russo-British energy conference in London, Vladimir Putin and Tony Blair confirmed the importance of further developing cooperation, above all in the economic sphere.
The volume of British investment in Russia has increased by 1.5 times. Moreover, the United Kingdom could become Russia's leading foreign investor when British Petroleum and Shell's plans are implemented.
A series of documents were signed at the conference, both on the state level, and by leading energy companies. A joint communique was also adopted on economic cooperation between Russia and the UK. The document lays a broad base for strategic partnership between the two countries in the energy sphere.
A bilateral Memorandum was also signed on the north European gas pipeline. Vladimir Putin expressed his confidence that the implementation of this project could create an entirely favorable pre-requisite for the effective and competitive development of the European economy as a whole, while guaranteeing stable and reliable supplies of hydrocarbons to the British and continental European markets.