Caspian Energy Journal Caspian European Club
Sunday, 24 May 2015 12:00

Signing of International Energy Charter held in Hague

The signing of the International Energy Charter was held at the Ministerial Conference in Hague (The Netherlands) on May 20-21, Caspian Energy News ( reports with reference to the press service of the Government of the Republic of Kazakhstan.

A ministerial conference is historical and marks a new milestone. The European Energy Charter is updated in 20 years. The conference was attended mostly by all countries-signatories to the European Energy Charter in 1991 and observer countries.

The need for the adoption of the International Energy Charter is originated with the major changes in the geopolitical situation, and increased interest in the Energy Charter Treaty of the Middle East, China and others. Earlier, the document existed as the European Energy Charter (EEC). The negotiations on signing the IEC were attended by about 80 countries, including 64 members of the European Energy Charter. The new document will expand boundaries of international agreements in resolving global energy issues.

The appeals of high level were especially significant, made by the heads of delegations of the countries present. Every speech noted that it was time for a change. Therefore, adoption of the International Energy Charter was particularly relevant.

In addition, the participants discussed issues of investing in the green economy, the role of governments, international bodies and companies in the development of renewable energy sources, energy innovations.

The increased globalization and interdependence of states in the energy sector, improvement of the mechanisms for the resolution of investment disputes, introduction of pre-trial settlement mechanism were discussed at the Hague legal forum of the Energy Charter.

In order to strengthen mutual cooperation in the oil and gas sector Uzakbai Karabalin met with colleagues from the USA, Hungary, Georgia, Turkey, China and others during his visit to the Netherlands. There was visit of the Kazakh delegation to the Shell Project Technology and Engineering in Rijswijk for the exchange of experience.

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