The review was conducted to examine the evolving role of the Energy Charter brought about by changes in the energy markets following the liberalisation of the European energy market and the accession of member countries into the European Union and the World Trade Organisation.

It also stressed the continuing value of a broad cooperative framework for the promotion of energy investments, the facilitating of cross-border flows of energy and improved energy efficiency across Eurasia.

Speaking at the charter meeting in Brussels the chairman of the review process, Dr Pieter Boot, said one of the key objectives of the review was to improve the efficiency of the Charter process, by concentrating its activities on areas where the Charter’s legal basis and broad constituency gives it clear advantages.

According to the chairman of the Energy Charter conference, Henning Christophersen, the review was timely as it came at a time when “energy investments and cross-border flows are greater than ever before, and when the entry into force of the Kyoto Protocol is rightly highlighting the importance of efficient use of resources.”

“These are the areas where the Charter process looks to make a difference, and I hope that by implementing the recommendations of the Review we can do so in a targeted and effective way,” said Christophersen.

The requirement for a regular review of the functioning of the Charter process, which should take place at intervals of not less than five years, is actually written into Article 34(7) of the Treaty. The 2004 Review involved an extensive process of consultation with member countries, observers and other stakeholders in the treaty.