Publication on Markets
Changing EU Energy Legislation: Practical Scenarios for Strengthening the EU-Russia Energy Partnership  PDF  (162 Kb) Members only

Energy Roundtable Summary Document

The EU-Russia energy roundtable discussion held at the Institute of World Economy and International Relations (IMEMO) on February 26, 2010, brought together a significant number of well known experts and policy makers engaged in the EU-Russia energy relationship in order to assess some of the challenges which presently exist in this sphere. Some of these challenges are summarised below. The objectives of the seminar organisers were to create an environment in which experts and policy makers could openly and candidly discuss the challenges standing before the EU-Russia energy relationship. The roundtable was also attended by a large number of participants from academia, government, energy companies and the diplomatic community.

  • EGF Editorial  |  Published on EGF: 17.05.2010  |  Energy
  •  
Geopolitical Challenges: Prospects and Scenarios 2010 - Summary Document  PDF  (158 Kb)

At the end of December 1999, as the world prepared to usher in a new Millennium, in Europe and other parts of the planet, there was widespread concern that the so called “Millennium Bug” would strike, causing unforeseen disruption and havoc. Ten years on, in December of last year, for many in Europe, the Millennium Bug was just a shade in the memory as a far more ominous concern was pressing home – the prospect of another gas crisis. Although the fact that the Russia-Ukraine gas dispute of January 2009 – and its knock-on effect of leaving much of Europe without natural gas in the peak of winter – did not repeat itself during the record cold European temperatures of January this year, the very fact that European attention has become so focused on this theme demonstrates how geopolitical developments in the European hinterlands have come to impact the day-to-day livelihood of all Europeans

  • EGF Editorial  |  Published on EGF: 16.03.2010  |  Energy
  •  
The World of Central Asian Oil and Gas. Power Politics, Market Forces, and Stealth Pipelines.  PDF  (531 Kb)

Key Issues:

  • Central Asia is beginning to see a genuine move away from barter deals towards commercial deals in accordance with market forces.
  • Contrary to much perceived wisdom, in Central Asia it is Gazprom, Russia’s natural gas export monopoly, that is leading the way in the movement towards market forces.
  • Central Asian natural gas and oil will to some extent be able to satisfy European demand, but available reserves and infrastructure will be insufficient to allow Central Asia to replace other gas and oil regions as primary suppliers to European markets.
  • Russian and Central Asian oil prices have already reached international levels, and the gas prices are moving in the direction of European levels.

  • However, transportation bottlenecks remain and infrastructure often remains insufficient for Central Asian gas, and to some extent oil, exports even to gain available market share in European markets. For exports elsewhere, such as to China or India, transportation bottlenecks still pose even greater problems.
  • Kazakhstan was expected to become a net exporter of natural gas in 2008. Although crude oil has been very important to the country’s economy, Kazakhstan must still import oil products for its own needs due to a lack of refinery capacity. Kazakhstan has since 2001-2002 quietly taken steps to reverse the large-scale privatisation of oil assets undertaken in the mid-1990s, and the Kazakhstani state is reasserting its dominant position versus the commercial actors.
  • Uzbekistan is self-sufficient in natural gas production but again needs to import oil. Even so, the country has great potential as an oil and natural gas exporter.
  • Turkmenistan already exports substantial volumes of both natural gas and oil. However, Turkmenistan has concluded so many agreements to export natural gas that the country will not be able to fulfil all export obligations.
  • Azerbaijan, in comparison, became a net exporter of natural gas in 2007 and is an established oil exporter. Crude oil has indeed been spectacularly important to the country’s economy.

  • Michael Fredholm  |  Published on EGF: 25.02.2010  |  Energy
  •  
1 2 3 4
The Caspian and Central Asia Remove region filter