ITC TRACECA is considered as an energy corridor which is confirmed by the developed network of oil and gas pipelines

Two-day Summit was dedicated to the discussion and exchange ideas on the increasing potential of the Region, best practices in project financing, PPP and execution as well as sustainability and environmental oriented practices.

The most interested persons, representatives of international organizations and key players of the energy sector gathered to outline business opportunities in renewable energy sector, perspectives and pathways of renewable energy generation in South Caucasus.

The Summit featured addresses by distinguished keynote speakers, including Mr. Mircea Ciopraga, TRACECA Secretary General and provided a platform for business executives and policymakers to share their views, experiences and expertise.

During the statement, Mr. Ciopraga underlined that energy resources of Central Asian and Caucasian countries are mainly concentrated in four countries: Azerbaijan, Kazakhstan, Turkmenistan and Uzbekistan, beneficiaries of TRACECA programme. Assessments of prospected resources vary but in the aggregate the latter exceed the resources of the North Sea. Observed in the last decade runaway growth in mining industry and dynamic growth of oil sector for many years move these countries to the leading positions by rate of development within the CIS space.

It should be mentioned that European Bank for Reconstruction and Development (EBRD) is co-organizer of 3rd Annual South Caucasus Infrastructure and New Energy Summit.