EU/US STATEMENT ON CASPIAN ENERGY ISSUES
The United States and the European Union recognise the importance of Caspian
Basin oil and gas resources in contributing to the economic prosperity,
energy security, and stability of the region.
These resources will be an important addition to world oil and gas supplies
and require secure access routes to world markets.
Essential to this development will be the early availability of multiple
pipelines. Major export pipelines from the Caspian will accordingly contribute
to the secure delivery of an important new source of world energy supplies.
The European Union's INOGATE programme is designed to promote the security
of energy supplies. It includes work on: revitalisation of the existing
transmission network and on new oil and gas pipelines across the Caspian,
Black Sea region and westwards to Europe; urgent renovation of hazardous
infrastructure; strengthening regional co-operation; compliance with international
standards; reform of the region's energy sectors; and protection of foreign
investments. The European Union's TRACECA project supports the development
of an east-west transport and trade corridor from Central Asia, across
the Caspian Sea, the Caucasus, and the Black Sea to Europe.
The United States strongly endorses commercially and environmentally
sound projects to develop Caspian energy resources and their transport
to international markets. US technical assistance and training programmes
are helping many of the Caspian states improve their legal regimes to
encourage private investment in energy development and transport. The
United States underscores that the Caspian Pipeline Consortium project
is a critical component of a commercially driven multiple pipeline system
for the entire region. The United States has provided a grant to Turkmenistan
to complete a feasibility study for a trans-Caspian gas pipeline.
Commercial considerations will first and foremost determine decisions
on the development of energy projects and export routes. It is the private
sector that will make the investments and take the risks. Projects therefore
need to be economically viable and competitive. They must also meet the
highest environmental standards.
The United States and the European Union welcome the progress made by
the littoral states towards formulating a legal regime for the Caspian
that will enhance rapid development of the region's energy resources.
They express the hope that the littoral states will reach early agreement.
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