Measures must be taken to stabilize energy markets, to create an appropriate climate for the large energy projects, Italy's Economic Development Minister Claudio Scajola said, addressing the Sofia Energy Summit on Saturday.

He argued for the need to invigorate dialogue between producing and consuming countries and to ensure the poor countries' access to energy sources.

Energy policies must prioritize low carbon fuels, renewable energy sources and nuclear power, the Minister said.

Last winter's experience showed the vulnerability of Europe's gas system in coping with crises and emergencies. Guaranteeing uninterrupted supply at competitive prices requires a stable framework of relations between producing and transiting countries, and programmes for gas production and construction of the requisite transport infrastructure should be implemented on the basis of long-term agreements.

Cooperation with Russia must be enhanced, with provisons for forms of harmonizing the Russian and the European market, proceeding from the conviction that European energy policy is impossible without the participation of Russia, Scajola said in his statement.

He noted the need to accelerate the formation of the European gas market, which should be interconnected and competitive, with mechanisms for solidarity and mutual assistance in the event of crises and emergencies.

European companies must be encouraged to invest in companies operating in the producing and transiting countries. The idea is to support interconnections, interdependence and integration of the energy markets in the Mediterranean area and the Balkans and in the Caspian zone, the Minister said. Italy could be a platform for transit and exchange of energy sources.

Source: BTA