The roundtable focused on the current situation in the global market of energy resources and the prospects for the development of Central Asia`s oil and gas sector amidst current global financial challenges.

Organized by the Center for Political Studies, headed by Gulnara Karimova, with support from Uzbekneftegaz National Holding Company, I.T.E. Exhibitions & Conferences Ltd. (UK) and ITE Uzbekistan, the roundtable brought together local and international experts specializing in oil and gas industry issues, economy and security, and global policy along with representatives of the diplomatic corps, international organizations and companies accredited in Uzbekistan. Among the major organizations were Tethys, Petronas, Total SA, Repsol, Platts, Wartsila, Worley Parsons, Tenaris, and CGG Veritas among others.

As it was noted, global economy has entered a phase of gradual recovery. Despite the relative steadiness in the global market of energy resources, there are several factors that pose a concern with regard to the future growth of the global energy sector. The roundtable participants voiced an opinion that the recent disturbances in the Middle East and North Africa, coupled with the Fukushima crisis in Japan and persisting financial strains in the USA and parts of Europe, have had a tangible impact on the further development of global energy and economy at large.

In this sense, the experts put a special emphasis on Central Asia`s oil and gas sector, with the bulk of the participants concurring that the region`s fuel and energy complex is demonstrating dynamic and steady growth. The multitude of promising hydrocarbon deposits in the region and the branchy transportation infrastructure bode well for Central Asia`s potential to become one of the pivotal regions in the global picture of oil and gas deliveries. The experts also talked about Central Asian countries` success in diversifying deliveries and transit, which, in turn, contributes to better energy security in the region.

Those gathered also noted that assessing the growth prospects of the EU and China`s markets has special implications for the Central Asian segment of global energy as they are currently major consumers of oil and natural gas from Central Asia. These markets are linked with the future plans to increase deliveries and to attract investment into exploration and development of new deposits and construction of additional pipelines. To boot, it`s highly likely that the power of a stable Central Asian energy sector to woo international investors will grow should instability in the Arab world continue.

The experts highlighted Uzbekistan`s efforts to further develop the fuel and energy complex, in particular, in developing new deposits and enhancing technologies for GTL and oil-, gas- and chemical industries. Those gathered also discussed issues relating to the development of renewable energy sources, introduction of energy saving technologies and protection of the environment.