The Russian and US presidents discussed various issues regarding economic cooperation during their meeting in St. Petersburg. This was announced yesterday at a press conference by a high-ranking US diplomat. He said that the discussions focused on developing Russian pipelines. The diplomat suggested that the US was interested in increasing the capacity of the Caspian pipeline, which would allow more oil to be piped from Kazakhstan to Novorossiisk. 'The construction of this pipeline has been the largest investment by US companies in Russia, and developing it further would be a beneficial project for both parties,' the diplomat said. He also added that US companies are ready to take part in the construction of new pipelines in Russia.