Connecting Energy and Security in Europe: March 19, 2008

Connecting Energy and Security in Europe

American University
School of International Service
SIS Lounge
Wednesday, March 19, 2008

9:00 – 9:30 Conference Registration
9:30 – 9:35 Welcoming Remarks: Louis Goodman, Dean

School of International Service, American University
9:35 – 11:00 Moderator: Daniel Stein, Director, US Trade and Development Agency
Energy in the Context of European Security

Jonathan Elkind, Principal, EastLink Consulting

Connecting Resources and Market
Gregory Saunders, Director, International Affaire, BP

European Energy Security: Role of Russia and Ukraine
Anders Aslund, Senior Fellow, Peterson Institute for International Economics

Black Sea/Caspian Region in the context of European Economic Security
Mamuka Tsereteli, Assistant Professor, American University/Executive Director, AGBC

11:00 – 11:30 Q & A

Please RSVP by Email to gayatri.murthy@gmail.com

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Background
Growing competition for energy resources is a feature of modern time. A variety of different products and commodities are vital for the functioning of the European economy, but it is energy resources, notably oil and gas, that are of critical importance for the region. Europe is a net importer of energy, and according to a European Commission report, two-thirds of the EU’s total energy requirements will be imported by 2020, with natural gas imports estimated to rise to 75% of gas imports. Currently, a majority of the Union’s sources of oil imports are drawn from Russia, the Middle East, Africa, and Norway. Potential new players to join this list are the Caspian states, which have the potential to help Europe, and Eastern Europe in particular, diversify away from its growing dependence on Russian oil and gas. Negative consequences of the high dependency were demonstrated in early 2006, when energy dispute between Russia and Ukraine resulted the decision of Russia to cut off supplies of gas, which affected many European countries.

To protect itself Europe will need to develop and implement the common energy strategy, where the need of individual states will be harmonized with the common European needs; and to develop an infrastructure which will support the common strategy by providing additional access options to resources in Northern Africa, Norway, and most importantly, in the Caspian region. While Russian natural gas will continue to play a substantial role in energy balance of European continent for years to come, with appropriate policies and adequate investments Europe still has the potential to emerge with a more secure and competitive energy market.