Turkmen officials take part in the first round of negotiations on the modernization of the Energy Charter Treaty (ECT), held in video conference format by the Energy Charter Secretariat in Brussels, State News Agency of Turkmenistan (TDH) reported on Wednesday.
The Turkmen side includes representatives of the Ministry of Foreign Affairs, the Ministry of Finance and Economy, the Ministry of Justice, and the Türkmengaz State Concern.
According to the report, the member states of the Energy Charter Conference had submitted their proposals for updating the Treaty. During the current meeting of the working group on the modernization of the ECT, the parties continued to discuss the main provisions of the draft document.
Among the main topics of discussions are the protection of investments in the energy sector. The meeting participants discussed a wide range of issues, including the role of the ECT in creating an international investment regime, the specific features 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.
The parties particularly underlined the importance of adapting the ECT to the modern requirements of the global energy sector, developing common rules that are obligatory for all participants and minimizing the risks associated with financial investments and trade in energy resources.
The ECT, which unites dozens of countries in Europe and Asia, is presently the only multilateral agreement that addresses complex political, economic and legal issues associated with energy transit, including through interstate gas pipelines and power lines.