The next stage of negotiations on the modernization of the Energy Charter Treaty (ECT) has started, in which representatives of a number of our ministries and departments, including the foreign Ministry, Finance and economy, justice, and the state concern "Turkmengaz" participate online.
The negotiations are conducted by the Energy Charter Secretariat from its headquarters in Brussels (Belgium).
Earlier, States that are members of the Energy Charter Conference have already submitted their proposals for updating the Treaty. During the current – second – meeting of the working group on the modernization of the ECT, the parties continued to discuss the main provisions of the draft document.
The key topic discussed during the negotiations was the protection of investments in the energy sector. It addressed a wide range of issues, including the role of the Energy Charter Treaty in creating an international investment regime, the specifics of investing in new transit cross-border energy infrastructure, and legal and commercial aspects of regulating partnerships between countries and other participants in energy projects.
In particular, it was noted that it is important to adapt the ECT to the modern requirements of the global energy sector, develop common rules that are mandatory for all its participants and minimize the risks associated with financial investments and trade in energy resources.
The initiatives of the President of Turkmenistan aimed at forming a new model of energy security were noted. This proposal is reflected in the Resolutions "Reliable and stable transit of energy resources and its role in ensuring sustainable development and international cooperation", twice adopted by the UN General Assembly.
Currently, the ECT unites dozens of countries in Europe and Asia. This is the only multilateral agreement that is aimed at solving complex political, economic and legal problems related to the transit of energy resources, including through interstate gas pipelines and power lines, the state news Agency of Turkmenistan reports.