Medvedev tours energy-rich Caspian region

MOSCOW, July 3 (UPI) -- Russian President Dmitry Medvedev plans to visit the Caspian region to discuss oil and gas pricing mechanisms as well as pipeline projects, officials said.

On Friday, Medvedev leaves for a three-day visit to the Caspian region, making stops in Azerbaijan, Kazakhstan and Turkmenistan to lobby for a regional natural gas hub, the Russian news agency, RBC, reported Thursday.

The president and former Gazprom chairman will meet with Azeri President Ilham Aliyev to discuss a possible gas deal between Azerbaijan and the Russian energy giant.

Discussions between Medvedev and officials from Turkmenistan will focus on the construction of the trans-Caspian natural gas pipeline.

His final meeting with Kazakhstan President Nursultan Nazarbayev will coincide with the 10th anniversary of the Kazakh capital, Astana.

With energy prices reaching all time highs, Medvedev sought to personally intervene to ensure Russia maintains its prominent role in the regional energy market, RBC said.

"The president's visit highlights the important role the energy issue plays in Russia's foreign policy," said former Russian Deputy Finance Minister Leonid Grigoryev.

Russian interest in the Caspian region counters several rival projects backed by the United States and the European Union.