Ashgabat Attends Conference on Modernization of Energy Charter Treaty

BUSINESS TURKMENISTAN
Ashgabat Attends Conference on Modernization of Energy Charter Treaty
The meeting participants considered issues in the field of modernization of the Energy Charter Treaty and the impact of the global agenda on energy markets.

A meeting on the modernization of the Energy Charter Treaty, which was signed in 1994, was held in a video conference format on Tuesday.

The meeting participants considered issues in the field of modernization of the Energy Charter Treaty and the impact of the global agenda on energy markets. The officials exchanged views on the practical, regulatory and legal aspects of energy transit and approved a summary of the meeting held in December 2019.

Ashgabat hosted the 28th Session of the Energy Charter Conference in November 2017, during which the Ashgabat Energy Charter Declaration was adopted under the leadership of Turkmenistan. The document recognized the importance of modernizing the Energy Charter Process in order to strengthen long-term energy cooperation and contribute to energy security.

The meeting gathered delegations of the Energy Charter Secretariat, the European Union, a number of European and Asian countries, which have signed the treaty. Turkmen delegation was represented by representatives the representatives of Ministry of Foreign Affairs and Türkmengaz (Turkmen Gas) State Concern.

The Energy Charter Treaty (ECT) is an international investment agreement that establishes a multilateral framework for cross-border cooperation in the energy industry. The treaty covers all aspects of commercial energy activities including trade, transit, investments and energy efficiency.