01 April 2004

INOGATE Round-table: "Oil and Gas Investment Opportunities in NIS Countries"

Brussels, 31 March 2004

The INOGATE Round-table entitled "Oil and Gas Investment Opportunities in NIS Countries" was successfully realised on 31 March 2004 at the Centre Albert Borschette in Brussels. The INOGATE Round-table was attended by over 85 participants from the INOGATE Partner Countries namely the Ministries of Fuel and Energy in NIS Countries, International Financial Institutions and banking sectors, Diplomatic Corps, and officials of the European Commission.

Recognising the importance of supporting energy co-operation amongst the NIS countries and Europe, the European Commission's INOGATE Programme has expressed its commitment to further increase its bilateral energy relations in regions such as the Caucasus, Central Asia and Eastern Europe by assisting the state oil and gas companies to develop and promote specific interstate energy transportation projects for financing.

This Round-Table promoted the latest projects having been developed by the participating INOGATE Countries in the specific sector of energy transportation, to potential International Financial Institutions (IFIs)/international banks, and provided a forum for open dialogue between International Financial Institutions (IFIs) and potential participants in order to facilitate future investment opportunities.

The Round-table was organized in two sessions. The first session consisted in the presentation of twelve (12) oil and gas projects by high-level decision makers of the INOGATE Participating Countries State Gas/Oil Companies from Azerbaijan, Armenia, Georgia, Kyrgyzstan, Ukraine, and Latvia . The second session consisted of a round-table discussion where topics such as perspectives for future co-operation between the IFIs and the INOGATE Programme as well as the development of future investment projects to be financed under the IFIs were brought to light.

The questioning carried out by the organizers of the Round-table showed that its participants identified 5 most interesting and promising projects, namely: "Odessa-Brody-Plock Oil Transportation Pipeline" (Ukraine), "Enhancing the Security of Russian Gas Supplies to Europe" (Ukraine), "Rehabilitation of Main Gas Pipeline of Georgia" (Georgia), "Construction of Underground Gas Storage" (Georgia) and "Western Pipeline System" (Latvia).

Partner Countries, the International Financial Institutions and the European Commission agreed to continue the dialogue with the aim to facilitate the realisation of these specific oil and gas projects and expressed their readiness to co-operate with the governments of other countries and different organisations.

For more information about the projects presented during the INOGATE Round-table please visit our INOGATE web site at www.inogate.org at the relevant section ? INOGATE Investment Opportunities.