Turkmenistan participates in negotiations on modernization of the Energy Charter Treaty

05:27 26.08.2020 809

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Representatives of Turkmenistan participate in the first round of negotiations on the modernization of the Energy Charter Treaty (ECT), which are held in the form of video conferences with the Energy Charter Secretariat in Brussels (Belgium).

Representatives of several ministries and departments, including the Ministry of Foreign Affairs, Finance and economy, justice, as well as the State concern “Türkmengas”. This is the second meeting of the Working Group on the modernization of the Energy Charter Treaty, at which the parties continued to discuss the main provisions of the draft of this document. Among the main topics - the protection of investments in the energy sector. Participants discussed the role of the Energy Charter Treaty in creating an international investment regime, the specifics of investing in a new transit cross-border energy infrastructure, legal and commercial aspects of regulating partnerships between countries and other participants in energy projects, including the importance of adapting the Energy Charter Treaty to modern world energy requirements sector, the development of uniform rules that are mandatory for all its participants and minimizing risks associated with financial investments and energy trade. In this regard, the constructive nature of President Gurbanguly Berdimuhamedov’s initiatives aimed at creating a new global energy security architecture, which is the most important factor for sustainable development of states, global peace and stability was emphasized. The relevance of the proposals of the Turkmen leader is confirmed by the Resolutions on “Reliable and stable transit of energy carriers and role in ensuring sustainable development and international cooperation”, twice adopted by the UN General Assembly. Currently, the ECT, uniting dozens of countries in Europe and Asia, is the only multilateral agreement that aims to solve complex political, economic and legal problems related to energy transit, including through interstate gas pipelines and power lines. For Turkmenistan, which initiated a number of large international projects in this area, these issues are very relevant.

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