To strike balance of interests

June 15. Kazpravda

To strike balance of interestsDevelopment of the Caspian shelf is the topic of the ongoing II International Petroleum Conference in Astana.

The main purpose of the dialogue between major oil and gas projects’ operators, experts and government members of Kazakhstan, Russia, Turkmenistan and Azerbaijan is to strike a balance of investment, environmental, and infrastructure interests. Consensus has been reached on priority positions in an informal talk, the venue for which this international forum provided.

According to independent studies, the total Caspian oil reserves are tens of billions of tons. Their development requires international expertise and the latest ecology security standards, given the region’s unique flora and fauna.

– Our country orients investors for a synergistic effect, development of new reserves, building of a powerful infrastructure. It is the policy of a manifold increase of investments in the sector, aimed not only at a profit, but also creation of new economic capacities and employments, payments to the budget – said the executive Director of the Kazenergy Association Ramazan Zhampiisov.

Naturally, implementation of environmental regulations takes considerable material costs. A national plan was adopted for response to oil spills.

The international Caspian status wants legal framing too given that the region is a stable supplier of energy resources to world markets. To bridge the legal gap in this area an ad hoc committee was established in 1986 at the level of Caspian states’ deputy foreign ministers, for development and adoption of a special convention.

– The signing of appropriate agreements between Kazakhstan, Azerbaijan and Russia is another stride forward in the negotiation process and to legal framing of sectoral division of the seabed between the coastal states, strengthening the energy constituent of the economic system of all the concerned nations, – said A. Isetov- director of the MFA international-legal department. – The Kazakh side believes that the principles of delimitation of the seabed, already incorporated in the agreements reached, could provide a substantial framework for reaching the like agreements between Azerbaijan, Iran and Turkmenistan to formalize the Caspian legal status.

Head of EU Delegation to Kazakhstan and Turkmenistan Ambassador Aur?lia Bouchez shared the vision on the construction of the Trans-Caspian gas pipeline through the Caspian Sea bed.

II International Oil & Gas Conference “Development of the Caspian Sea” ends today.