Russia eyes investments in Argentina's energy sector

MOSCOW, May 28 (UPI) -- Russian Foreign Minister Sergei Lavrov said Wednesday he was interested in encouraging more investments in the Argentine energy sector. Lavrov met in Moscow with Argentinean Foreign Minister Hector Timerman to discuss prospects for future energy cooperation as well as Argentina's bid to join Brazil, Russia, India, China and South Africa in the five-member economic association dubbed BRICS.

Lavrov said the outlook for Russian investments in the Argentinean energy sector was strong.

"We aren't just interested in ways to diversify our trade relations but actually want to focus on investment," he said.

Russia expressed interest in Argentina's energy market in 2012 following the nationalization of the country's YPF energy company. Russian energy companies have a presence in Venezuela and Russian energy company Gazprom is exploring for natural gas in that country as part of a Russian consortium.

Both sides have focused on development the Vaca Muerta shale site in Argentina's Neuquen province, which Buenos Aires wants developed with investor cash.

"We hope that competitive advantage of our companies interested in accessing these particular sectors of economy will be appreciated by our Argentinian colleagues," Lavrov said.