Putin tells BRICS to set up energy bloc to boost safety

FORTALEZA, Brazil July 15 Tue Jul 15, 2014 2:52pm EDT

FORTALEZA, Brazil July 15 (Reuters) - Russian President Vladimir Putin on Tuesday proposed setting up a BRICS energy association, which would include a fuel reserve, to increase the energy security of emerging nations.

"We suggest to set up an energy association of the BRICS. Under its roof, one could set up a reserve fuel bank and an institute for energy safety," he told the leaders of Brazil, India, China and South Africa after they announced the creation of a bank and a reserve currency pool each worth $100 billion.

"These steps would help strengthen the energy safety of our nations," he said. (Reporting by Alexei Anishchuk; Editing by Diane Craft)

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