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MOSCOW, July 13 (UPI) -- Promoting wind energy with European partners is a boon for energy companies working in areas were power supplies are scarce, Russia's Lukoil announced.
Russian oil company Lukoil announced that it signed a memorandum of understanding with Italian company ERG Renew to explore cooperation in the wind energy sector.
Vagit Alekperov, the president of Lukoil, said Russia has a high wind energy potential that could be promoted to help bring power to areas were electricity is scarce.
"We are confident that cooperation with the Italian counterparts, experienced in green energy, will be effective," he said in a statement.
Lukoil added that both companies would explore joint opportunities in wind energy in Russia and "some Eastern European countries."
The Russian company added in its statement that ERG Energy has an installed capacity of 144 megawatts of wind energy in Italy and nearly 65 MW in France.
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