Azerbaijan’s SOCAR hosts 44th Conference of Industry Advisory Panel of Energy Charter
The 44th Conference of the Industry Advisory Panel (IAP) of the Energy Charter, organized by the State Oil Company of Azerbaijan SOCAR, was held on December 21, 2020, Trend reports with reference to SOCAR.
Secretary General of the Energy Charter, Urban Rusnak, as well as representatives of a number of energy companies, associations, and international organizations, attended a videoconference meeting.
“Rusnak, SOCAR Balkan executive director, advisor to SOCAR president Murad Heydarov and IAP chairman Rafael Cayuela delivered speeches at the conference on the "The Role of Natural Gas as a Transition Fuel" topic," the message said.
The Energy Charter Secretariat provided details of the 2020 report during the presentation on Energy Investment Risk Assessment (EIRA).
Representatives of SOCAR and the Azerbaijani Ministry of Energy made presentations on SOCAR's energy transition, opportunities and prospects for gas and hydrogen transit through the Southern Gas Corridor, as well as on the process of modernizing the single energy system.
Rusnak and Chief Economist and Strategic Director of Dow Europe GmbH Rafael Cayuela expressed gratitude to SOCAR for hosting the event, despite the difficulties associated with the COVID-19 pandemic.
The Energy Charter Treaty was signed in December 1994 and entered into force in 1998.
To date, 55 countries, the European Union and European Atomic Energy Community have signed the agreement. The agreement was developed in 1991 on the basis of the European Energy Charter.
The main purpose of the Energy Charter treaty is to strengthen the legal norms in the field of power engineering by creating uniform rules, complying with these rules by the governments of participating countries, and minimizing the risks associated with investments and trade in the field of power engineering.
The Energy Charter Treaty, signed by Azerbaijan on December 17, 1994, has been in effect in Azerbaijan since April 16, 1998.