Are the emerging securities markets in Eastern Europe worth paying attention to? Yes, if one is careful and avoids the "conventional wisdom." The conventional wisdom is that Poland, Hungary, and the Czech Republic are on track to become members of the European Union (EU), that their growth will be export-led, and that they are set to take off in the foreseeable but always indefinite future. Each of these three assumptions is either a little off-base or just plain wrong-headed.
Continue reading "Eastern Europe: Still Out in the Cold?" »
The military operations in the Balkans affect the calculations concerning export routes for Caspian oil. The near-term regional effect of the hostilities in Kosovo is to make the Baku-Ceyhan line slightly more likely.
Continue reading "Kosovo, International Security, and Caspian Energy" »
Competition among export pipeline companies in the Caucasus is heating up, even while the Baku-Ceyhan pipeline project remains on at least temporary hold. As predicted here some time ago, transit fees are beginning to play a major role in at least the short-term development of pipeline routes. This may have unexpected implications for the longer-term future, inasmuch as seven years ago no one was even thinking about Baku-Supsa.
Continue reading "Tariff Competition in the Caucasus and a Test Case for Reform in Iran" »
The one formal organization is the Central Asian Economic Union which includes Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. The leaders of these countries have concluded several agreements on expanding economic cooperation, but these will remain a dead letter until the Uzbek som is made fully convertible. The two multilateral formations are not embodied in formal organizations. One is a coalescence of energy-related issues bringing together Kazakhstan, Uzbekistan and Turkmenistan, in a geo-strategic sense, as a north-south axis along the eastern shore of the Caspian Sea. The other is a coalescence of counterinsurgency-related issues bringing together Kyrgyzstan, Tajikistan and Uzbekistan, also in a geo-strategic sense, as an east-west axis along the southern border of the Commonwealth of Independent States.
Continue reading "Russia, Turkey and Iran: An Eternal Triangle" »
I resume my series on the fall-out from the discovery of vast natural gas resources at the Shah-Deniz deposit, located off the coast of Azerbaijan. That discovery put into question the Trans-Caspian Gas Pipeline (TCGP) from Turkmenistan to Turkey, though this project has recently been re-endorsed by Ashgabat. I will cover the latter development in a future column. For the present, however, I wish to focus on the neglected Turkmenistan-Ukraine-Russia energy triangle and discuss how TCGP politics have contributed to a political battle among elites in Kyiv.
Continue reading "How Shah-Deniz is changing the equation (6/9)" »
The article examines once more the results of the Shah-Deniz find for the Russia-Turkmenistan-Ukraine triangle. It first dissects the most recent developments in their interactions over energy supplies and policy. It then examines the question of what the Russian contract for an additional 10 billion cubic meters (bcm) means for Turkmenistan, for the Baku-Ceyhan pipeline, for the Shah-Deniz project and for the TCGP itself.
Continue reading "How Shah-Deniz is changing the equation (7/9)" »
Ukraine's positioning makes it a natural bridge between East and West. A wise U.S. foreign policy would be one that is sensitive to Ukraine's function as a bridge between Russia and the Western military alliance.
Continue reading "U.S. Policy Must Be Sensitive to Ukraine's Balancing Act" »
The beginning of the year 2001 has seen a re-inauguration of economic and political warfare over the production, distribution and consumption of natural gas in the greater Caspian region. On the first day of the year, Turkmenistan stopped exporting gas to Russia because of a failure to agree with the energy-transport company Itera on prices for the year to come. On the very same day, for the second time in a month, Russia cut off gas supplies to Georgia, in abrogation of existing contracts.
Continue reading "A Frosty New Year in the Caspian Region" »
The GUAM formation (Georgia-Ukraine-Azerbaijan-Moldova) had its origin in the 1996 round of talks implementing the Treaty on Conventional Forces in Europe. The four countries found they had a common opposition to the stationing of Russian weapons on their territory. GUAM became GUUAM when Uzbekistan joined in April 1999. According to recent reports, the GUUAM countries intend, in spring 2001, to institutionalize their cooperation by forming a permanent international organization. This organization will have its own secretariat (probably in Kiev, the capital of the Ukraine) and a small number of ancillary bodies but will have principally a coordinative function with no supranational authority. In response to this prospect, three schools of thought regarding GUUAM have begun to appear in Western, principally U.S., commentary and analysis.
Continue reading "Just What Is "GUUAM" Anyway?" »
Armenia has suffered severe energy shortages since 1991 and has long been looking to Iran to relieve its energy needs. Last year the European Commission decided to back a project for construction of a pipeline from Iran into Armenia. Discussions have now begun with Ukraine concerning the possibility of Iranian natural gas transiting Armenia and Georgia, then travelling either overland through Russia or under the Black Sea into Ukraine and onward to European markets. However, it is unlikely that the gas will get any further than Armenia. Nevertheless, Turkmenistan's President Niyazov must now face Russia and Iran as potential competitors for the European market. Unless Niyazov decides to build the Trans-Caspian Gas Pipeline (TCGP), both Russia and Iran will have a stranglehold on Turkmenistan's gas and oil exports.
Continue reading "Will the Iran-Armenia-Ukraine Energy Triangle Happen?" »
In one of the generally less remarked-upon recent political earthquakes, the reform-oriented government of Prime Minister Viktor Yushchenko of Ukraine has lost a no-confidence vote in the Ukrainian Rada (parliament) but will stay on at the head of a caretaker government for up to 60 days. The column analyses the significance of the political crisis in Ukraine for energy questions in Europe and Eurasia.
Continue reading "Euro-Caspian energy and the political crisis in Ukraine" »
Two weeks ago, in the context of Turkmenistani President Saparmurad Niyazov's visit to Ankara for the Turkic-speaking countries' summit, this writer discussed how Ashgabat is currently situated in the "great game" over Caspian Sea energy resources, especially with respect to relations with Azerbaijan, the Trans-Caspian Gas Pipeline (TCGP) project and Caspian Sea demarcation. The discussion of Turkmenistan's position continues in light of Niyazov's subsequent visit to Ukraine.
Continue reading "Turkmenistani natural gas: The key to Ukraine's economy?" »
In the late fifteenth century, what is now known as the Transdnistria--the region on the eastern bank of the Dnistr River and with the border of today's Ukraine for its eastern limit--was part of the Kingdom of Lithuania. By the mid-sixteenth century it had passed into the Ottoman Empire, of which it remained a part until the late eighteenth century, when the whole western coast of the Black Sea from Odessa to Varna (now in Bulgaria) became embroiled in military conflicts among the Ottoman, Russian, and Austrian Empires. From that era it emerged as part of the Russian Empire. After the Bolshevik Revolution and First World War, it became part of the Ukrainian Soviet Socialist Republic, until Stalin redrew the internal borders of Moldavia and Ukraine in 1940, when it was attached to a remnant of the former Romanian province of Bessarabia to form the Moldovan Soviet Socialist Republic. There it remained until 1991, when it became part of independent Moldova.
Continue reading "Moldova/Transdnistria: Conflict Profile" »
In late 2000, the EU and Russia began extensive high-level commercial talks about the prospects for European importation of Russian energy resources over the course of coming decades. However, Russia's failure to pursue adequate investment in its natural gas industry would require significant capital outlay from the European side in order to increase imports significantly. In essence, an entirely new pipeline system would have to be constructed in order to satisfy Europe's upcoming energy requirements, whether in gas or in oil. Because it is ecologically cleaner, the EU had taken a policy decision in favor of gas. The European Commission began to look still more definitely towards Iran to satisfy at least some of its long-term gas demand, as well as to put price pressure on Russia.
Continue reading "How Deeply Will Iran Penetrate the Evolving Eurasian Energy Networks?" »
Central Eurasia, which is what specialists have taken to calling most of the geographic area once covered by the Soviet Union, has a long history of ethnopolitical complications and related struggles focused on collective identities. Tsarist Russia had moderate success in keeping these within bounds, partly because it was willing to tolerate such collective identities as social constructions autonomous of its own political rule.
The Union of Soviet Socialist Republics (USSR) had a more insistently penetrative ideology that left little room for cultural, ethnic, or religious autonomy. The Soviet regime tapped the mass communications technologies of the twentieth century to pursue its control over all populations and to implement its program of political socialization. All ethnically based opposition to Moscow’s rule was driven underground. The all-pervasive nature of the Soviet political and security apparatus made calls for any significant sort of self-determination extremely difficult to sustain. When Gorbachev combined economic reform (leading to economic disruption and attendant problems of supply) with political empowerment (permitting Soviet citizens to voice complaints publicly without the fear of repression), he unwittingly unleashed two elements necessary for a political explosion. Long discussed (but little understood) in Soviet political writings, the so-called ‘national question” became the fuse igniting the internal conflicts that burst forth across the Soviet regions in the late 1980s, as the USSR collapsed, and into the 1990s.
Continue reading "Self-Determination Issues in Central Eurasia" »
The significance of the agreements on energy cooperation achieved during Russian President Vladimir Putin's recently completed visit to Kazakhstan is only an indicator of the consolidation of deeper tectonic shifts in Eurasian security and economic affairs. A new triangle is emerging in East Central Eurasian geo-economics among Russia, Kazakhstan and China. (It is being complemented by the emergence of another such triangle in West Central Eurasia among Russia, Turkmenistan and Ukraine.) Energy cooperation is a linchpin of each of the emerging triangular ententes, but the ententes themselves go far beyond energy.
Continue reading "Emerging triangles: Russia-Kazakhstan-China" »
В Евразии происходят глубинные тектонические сдвиги в области обеспечения безопасности и экономического сотрудничества.
Continue reading "Новый треугольник Россия-Казахстан-Китай" »
Last January, Russia, unhappy with Kiev's shift to a western oriented foreign policy, threatened to quadruple gas prices for Ukraine and triggered supply disruption. Robert Cutler, an energy specialist at Carleton University in Ottawa, Canada says Moscow's action called into question its reputation as a reliable supplier. "The current presidential administration did something that no Soviet leadership ever did during the cold war. They cut off gas," he said.
Continue reading "Russia Seeks to Rebuild Reputation as Reliable Energy Supplier" »
It's not going to happen in Riga next month, but in five to ten years Europe (by which I mean "Europe" and not only the European Union, i.e., including the European countries as members of NATO) may have digested its 1989-1991 revolutions enough to be able to play a cooperative partnership role within NATO (by which I mean "NATO" and not only the U.S., not excluding in the end some EU capabilities).
Continue reading "Europe and the Future of NATO" »
A significant indicator of Turkmenistan's future diplomatic and economic course is whether new President Gurbanguly Berdymuhammedov will undertake a rapprochement with Azerbaijan.
Continue reading "A New Chance for the Trans-Caspian Gas Pipeline?" »
Corruption and politics in Ukraine threaten to choke off, at least in the near term, the expansion of oil exports from Azerbaijan and eventually Kazakhstan to Europe. This is the significance of Ukrainian Prime Minister Yuliya Tymoshenko's efforts in July to halt what she called the "shadowy privatization" of the Odessa-Brody oil pipeline.
Continue reading "Ukraine clash threatens oil to Europe" »
Ukraine is in the midst of a financial and banking crisis, exacerbated by political turmoil, that has driven the principal national stock equities indicator, the PFTS Index, down 78% from a high of 1,209 in mid-March to 266 on Monday. The country relies heavily on external finance, and its banking system is by some measures the most at risk after Iceland’s, which collapsed only days ago. On the basis of the cost of its credit-default swaps, Ukraine is the least creditworthy of all of Europe’s emerging markets.
Continue reading "Ukraine goes from orange to red" »
Eastern Europe freezes as Brussels fiddles, while with Moscow's help Gazprom extends its grasp of energy production in the Caspian Sea region.
Continue reading "Russia deepens gas hegemony" »
Popular unrest and government collapse in Reykjavik in the wake of the ongoing global financial crisis are only the tip of the iceberg.
Continue reading "Meltdown in Iceland" »
Rising concern that Ukraine, suffering tumbling demand for its exports as the global economy slows down, is heading towards default on its international debt may yet nudge its government to rein in political infighting, even as leading factions position themselves for an election next year.
Continue reading "Divided Ukraine skirting default " »
In mid-February, Russia and China signed an agreement providing for Chinese agencies to lend US$25 billion to the Russian energy trusts Transneft and Rosneft in return for the construction of a branch from the East Siberia-Pacific Ocean (ESPO) oil pipeline from Skorovodino to the Chinese border and the guaranteed supply of significant amounts of oil over the long term. In the wake of the breakdown of American efforts to build its tactical cooperation with the Central Asian states over Afghanistan and the “global war on terror” into a broader strategic vision, the ESPO accord agreement signifies a reestablishment of the ability of China and Russia to cooperate together on geo-economic questions even within the context of their competition for influence in Central Asia.
Continue reading "Does the ESPO Signal a New Sino-Russian Rapprochement?" »
The significance of the recent European Council summit is less its failure to address the full effects of the global financial crisis on Eastern members and more the rallying around a response that diverges from Washington’s.
Continue reading "Finance: Eastern Europe’s Response" »
В середине февраля Россия и Китай подписали соглашение, по которому китайские кредитные учреждения выдадут заем в 25 млрд. долларов российским энергетическим компаниям 'Транснефть' и 'Роснефть' в обмен на строительство ответвления нефтепровода 'Восточная Сибирь - Тихий океан' от Сковородино до китайской границы и гарантированные долгосрочные поставки значительных объемов нефти. После провала усилий США во встраиванию тактического сотрудничества с государствами Центральной Азии по вопросу Афганистана в более широкое стратегическое видение, соглашение о ВСТО означает, что Китай и Россия вновь способны вести сотрудничество по геоэкономическим вопросам даже в контексте своего соперничества за влияние в Центральной Азии.
Continue reading "ВСТО: сигнал о новом сближении между Китаем и Россией?" »
In all the debate and speculation over the various pipelines planned for the Caspian-South Caucasus corridor and adjacent regions (Nabucco, South Stream, White Stream, and Trans-Caspian Gas Pipelines in addition to various oil pipeline projects), the troubled state of energy relations between Azerbaijan and Turkey has been lost from view, mainly due to their stellar cooperation in the past over the Baku-Tbilisi-Ceyhan oil pipeline and South Caucasus Pipeline for gas in particular.
Continue reading "Azerbaijan and Turkey clash over energy" »
Questions have been raised this month about whether the gas resources of Turkmenistan are in fact as spectacularly voluminous as verified last year by the British firm, Gaffney Cline & Associates.
Continue reading "Turkmenistan gas sets Ciceronian riddle" »
В этом месяце были подняты вопросы о том, являются ли на самом деле газовые ресурсы Туркменистана столь огромными, как было установлено в прошлом году английской фирмой "Gaffney Cline & Associates ". "Gaffney Cline & Associates" подтвердила, что новое газовое месторождение "Южный Йолотан" содержит от 4 трлн. до 14 трлн. кубометров газа, вероятнее всего- 6 трлн. кубометров. А месторождение "Яшлар" - от 0,3 до 1,5 трлн. кубометров, вероятность - 0,7 трлн. кубометров.
Continue reading "Туркменский газ становится цицероновской тайной" »
With the entry of Iraq into the mix of potential suppliers of natural gas for the Nabucco pipeline to Europe and the proliferation of alternative supply lines beyond the Russian-sponsored rival South Stream pipeline, the "classical" variant of the Nabucco pipeline is undergoing significant modification, just as it moves closer to final realization.
Continue reading "Reconfiguring Nabucco" »
The opening of the first segment of the Turkmenistan-China gas pipeline last month is only one in a series of recent events in Caspian Sea basin energy developments. It signifies Turkmenistan’s first real moves to break its dependence upon Gazprom and the Russian state for international sales of its energy resources. These developments are to the detriment of Europe, which remains dependent upon Russia and Turkey as transit countries and has been unable to push forward the implementation of its Nabucco pipeline project.
Continue reading "Turkmenistan-China Gas Pipeline Becomes a Reality" »
Ukraine's run-off election between Prime Minister Yulia Tymoshenko and rival Viktor Yanukovych, to be held on Sunday, may decide the future of a pipeline that could be used to deliver Caspian Sea oil to Europe, bypassing both Russia and Turkey.
Continue reading "Ukraine poll may deliver oil to Europe" »
Viktor Yanukovych came first in the presidential elections in Ukraine, but Yuliya Tymoshenko has instructed lawyers to bring to the courts evidence of voting irregularities to put Yanukovych’s margin of victory under question. Even if the latter is able to muster a negative majority to oust her from office and form his own parliamentary majority, he may be forced to call new parliamentary elections. Nevertheless, he has already moved on the energy front through floating new proposals, if not yet able to offer them formally for legislative consideration. The elections in Ukraine change the odds also for other projects in the east-west energy corridor from Central Asia and the Caucasus to Europe.
Continue reading "Ukrainian Elections Complicate Southern Energy Corridor" »
In recent days, energy diplomats on both the Azerbaijani and Turkish sides have revealed that an agreement in principle over the price that Turkey will pay for Shah Deniz gas from Azerbaijan has been reached. However, there are several ongoing sets of simultaneous negotiations over Shah Deniz, also taking place in the context of larger implicit bargaining games over other the Caspian Sea basin deposits of natural gas and indeed the geo-economics of their supply to Europe over the next several decades. These subtleties must be unpacked in order to understand the wide-ranging significance of even seemingly small agreements.
Continue reading "Turkey and Azerbaijan Move Towards Agreement on Shah Deniz Gas" »
Various diplomats appear to be questioning the supposed competition between the Nabucco and the South Stream natural gas pipelines. In fact, Russia and Turkey are collaborating to block the full implementation of the EU’s Southern Corridor energy strategy so as to assert a duopoly over natural gas supplies to Europe.
Continue reading "Europe Focuses on Southern Energy Corridor" »
Statements by Azerbaijani and Turkish diplomats indicate that the two sides have reached an agreement in principle concerning the price that Turkey will pay for gas from the offshore Shah Deniz deposit for its own domestic consumption. With these signals, the two countries are on the road to settling issues related to conditions for Shah Deniz gas to transit Turkey to Europe through the Nabucco pipeline.
Continue reading "Locks turn in Nabucco door " »
The EU is taking its time in deciding what real policy actions to implement regarding the crisis over Greek finances and the eurozone, but publics in Greece and elsewhere are not waiting to express their disenchantment with national and supranational elites.
Continue reading "Brussels Fiddles While Athens Strikes" »
Евросоюзу не следует спешить и поздравлять себя с тем, как он поступил в ситуации, связанной с проведением президентских выборов на Украине. Будущее, а не прошлое, покажет, что произойдет дальше. И будущее должно отличаться от прошлого.
Continue reading "Белые пятна в отношениях ЕС и Украины" »
The EU should not be too quick to congratulate itself for its handling of the situation surrounding Ukrainian presidential elections. The future, not the past, will tell the story, and the future has to be different from the past.
Continue reading "Blind Spots in EU-Ukraine Relations" »
Ukraine's new government, formed by President Viktor Yanukovych after he was inaugurated in March, this week affirmed that the country's gas transportation network is for sale to no one, including Russian gas monopoly Gazprom. At the same time, Russia has made it clear that it is willing to cooperate with the European Union in any project to modernize the network, which includes more than 60,000 kilometers of pipe plus 71 compressed air plants and 13 underground gas storage facilities. Last year, it carried over three-quarters of natural gas exports from Russia to Europe.
Continue reading "Ukraine seeks pipeline threesome" »
Two events coincided this week to point towards further complications in Euro-Caspian energy geo-economics. Azerbaijan has signed a memorandum of understanding (MoU) with Georgia and Romania to promote liquefied natural gas (LNG) transportation across the Black Sea, and has separately announced the possibility of postponing a decision on the start-up of production from the offshore Shah Deniz Two natural gas field until 2017 (press reports cite various years from 2016 to 2018).
Continue reading "Caspian pipeline knots tighten" »
In Brussels Fiddles While Athens Strikes seven weeks ago, the Neronic allusion was intended half in irony, half as warning: This week Athens burned; and it is not yet even summer, the season known in southern Europe for wildfires.
Continue reading "Greek General Strike Turns Tragic" »
An anonymous but highly placed representative of the Azerbaijan state oil company, SOCAR, confided to Trend News Agency in Baku last week that agreement has been reached with Turkey concerning the price of Azerbaijani gas and its transit through Turkish territory.
Continue reading "Baku gas price deal moves Nabucco forward" »
As you know, Europeans with an interest in energy affairs get very excited when discussing the source of the gas they’ll in 5-10 years. Especially in Italy, where Berlusconi’s center-right government is openly defying EU policy on the matter and nurturing very close ties to Russia, the debate tends to be quite heated and often partisan. We would like then to here the view of an informed and independent outsider on this.
Continue reading "Interview by European Center for Energy Security Analysis (ECESA)" »
Энергетические конференции в регионе Каспийского моря в последние годы сменяют друг друга с такой головокружительной скоростью, что некоторые представители отрасли и правительственные чиновники перестали относиться к ним серьезно. Правда, иногда сами организаторы получают от них больше пользы, если принимать во внимание резко возросшие сборы за участие. Тем не менее, проходящая в настоящий момент Международная конференция и нефтегазовая выставка, судя по всему, может стать исключением их этого правила. Эта семнадцатая по счету из серии подобных конференций и пройдет она в Баку.
Continue reading "Трубопровод Nabucco подстегивает каспийские проекты" »
Energy conferences in the Caspian Sea region have come so fast and furious in recent years that some industry and government figures consider them a dime a dozen. In fact, the organizers are sometimes the ones who draw most advantage from them, in view of steep fees for participation. Nevertheless, the current International Oil and Gas Conference and Exhibition looks to be an exception. It is the seventeenth in the series hosted in Baku.
Continue reading "Nabucco spurs Caspian projects" »
Robert M. Cutler amerikai politológus-tanácsadó szerint a közép-európai országoknak muszáj együttműködniük az orosz befolyás csökkentéséért. Az oroszok a gázt politikai fegyverként használják, és a nagy nemzetközi vezetékekért folyó küzdelem akár fegyveres konfliktusok kitörésében is szerepet játszik. Az azeri gázmezők válthatják meg térségünket a moszkvai nyomástól.
Continue reading "Nekünk Azerbajdzsán kell" »
Petroleum Industry Review: In your opinion, how will the international energy market change, given the high energy demand (in the EU and the U.S. energy consumption increased by more than 40% since 1970, in Japan it doubled and in China it is more than four times higher) but also the decrease of the world hydrocarbons resources? What is your opinion concerning alternative energy sources? Is renewable energy a solution for the world economy during this time of crisis? Is it a solution for the future?
Continue reading "Interview by "Petroleum Industry Review" (Ploiesti, Romania)" »
Petroleum Industry Review: Cum evaluaţi evoluţia pieţei internaţionale de energie, având în vedere cererea crescută (în Uniunea Europeană şi în SUA consumul energetic a crescut cu peste 40% din 1970, în Japonia acesta s-a dublat, iar în China este de peste patru ori mai mare), dar şi declinul resurselor mondiale de hidrocarburi? Care este opinia dvs. cu privire la resursele alternative? Reprezintă energia regenerabilă o soluţie pentru economia mondială în perioada de criză? Dar pentru viitor?
Continue reading "Interviu cu "Petroleum Industry Review" (Ploiesti)" »
With moderate fanfare, yet another multilateral economic cooperation agreement was signed among a limited number of the Soviet successor states this month, in Astana, the capital of Kazakhstan. Belarus, Kazakhstan and Russia signed up to a customs union in the margin of a meeting of the EurAsian Economic Community (EurAsEC), which also counts Tajikistan and Kyrgyzstan as members.
Continue reading "Russia tries a ménage à trois" »
В столице Казахстана Астане под несколько приглушенные звуки фанфар было заключено очередное многостороннее соглашение об экономическом сотрудничестве между некоторыми из стран-наследниц Советского Союза. На встрече Евроазиатского экономического сообщества (ЕврАзЭС) три его члена (Белоруссия, Казахстан и Россия) из пяти (остальные — это Таджикистан и Киргизия) подписали договор о вступлении в Таможенный союз.
Continue reading "Россия пробует "любовь втроем"" »
Turkmenistan has broken Russia’s stranglehold on its gas exports by opening a pipeline through Uzbekistan and Kazakhstan to China. The country’s president Gurbanguly Berdimuhamedov has just made his first trip to New Delhi where the Turkmenistan-Afghanistan-Pakistan-India natural gas pipeline project was discussed. Earlier this year a short pipeline was opened in order to increase exports to Iran, and gas is in the process of being identified for eventual export to Europe via a Trans-Caspian Gas Pipeline and the EU’s Southern Corridor. The era of Russian control over the country’s exports is over, and Ashgabat is taking care to make certain that it is not squeezed between Moscow and Beijing.
Continue reading "Turkmenistan Diversifies Gas Export Routes" »
Bulgaria and Romania have over the course of the summer been setting down their markers as regards the Nabucco and South Stream pipeline projects in an on-again, off-again manner. What they finally decide may determine which pipelines from the South Caucasus and Turkey get built where in Southeast Europe. Major investment decisions are also on the line in coming months. It is consequently little exaggeration to say that the next year, if not the next half-year, will set the main lines of the blueprint for Caspian/Black Sea hydrocarbon development for the better part of the oncoming decade.
Continue reading "The Black Sea’s West Coast Weighs In On Caspian Sea Basin Pipelines" »