G-8 Finance Ministers to discuss oil prices

Moscow, June 6: The Finance Ministers of the Group of Eight (G-8) industrialised countries will meet in St Petersburg on June 9-10 to discuss high oil prices and their impact on the world economy in relation to the energy security, Russian Deputy Finance Minister Sergei Storchak said today.

''The Finance Ministers will also discuss the development of market mechanisms aimed at increasing fuel supplies, the diversification of energy sources and greater efficiency of their use,'' Mr Storchak said.

He added Russia's effective use of the revenues generated by high oil prices will also be discussed. The summit of the G-8 leaders is scheduled to be held on July 15-17, in St Petersburg, for the first time under the rotating presidency of Russia.

''We will continue the debate that started a year ago when it became evident that the unpredictable market situation is directly connected with certain legislative restrictions in a number of countries,'' he stressed.

Without naming, he said one country, had restricted the construction of oil refineries.

''There are countries that have not commissioned new capacity for 20-25 years. It is quite possible that at the upcoming meeting Finance Ministers will say how the issue is being tackled,'' he said.

UNI