TODAY.AZ / Business

Talks over Energy Charter Treaty's modernization to start soon

06 July 2020 [13:32] - TODAY.AZ

By Azernews

By Ayya Lmahamad

Azerbaijan’s Energy Ministry and International Energy have discussed the modernization of the Energy Charter Agreement, as well as measures to be taken in line with Azerbaijan's chairmanship of the Energy Charter Conference in 2020 during the videoconference held on July 4.

Minister of Energy Parviz Shahbazov and Secretary General of the International Energy Charter Urban Rusnak exchanged views on the positions of the member states in the modernization process of the Energy Charter Agreement.

Urban Rusnak stressed the importance of bringing the Energy Charter Agreement in line with modern requirements of the global energy sector, as well as noted that the first stage of the modernization process negotiations will start next week.

In his turn, Energy Minister Parviz Shahbazov said that Azerbaijan's proposals for modernization of the Energy Charter Agreement were submitted in 2019, and consultations with government agencies are underway.

Moreover, he noted that given that the decisions on the International Energy Charter are based on consensus, it is important that the sides actively participate in the negotiation process to reach a common agreement on the modernization of the agreement.

Additionally, during the videoconference were discussed technical and organizational issues related to preparations for the Energy Charter Forum, the 31st International Energy Charter Conference and the Ministerial Meeting to be held in Baku.

It should be noted that the decision on the chairmanship of the Energy Charter Conference of Azerbaijan in 2020 was taken in 2018.

The Energy Charter Treaty provides a multilateral framework for energy cooperation that is unique under international law. It is designed to promote energy security through the operation of more open and competitive energy markets, while respecting the principles of sustainable development and sovereignty over energy resources.

The Energy Charter Treaty was signed in December 1994 and entered into legal force in April 1998. Currently there are fifty-three Signatories and Contracting Parties to the Treaty.


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