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Role of the Energy Charter Fostering LNG Trade: Role of the Energy Charter Energy Charter Secretariat 2008 THE ENERGY CHARTER TREATY The Energy Charter Treaty is a unique legally-binding multilateral instrument covering investment protection, liberalisation of trade, freedom of transit, dispute settlement and environmental aspects in the energy sector. It is designed to promote energy security through the operation of more open and competitive energy markets, while respecting the principles of sustainable development and sovereignty over energy resources. The Treaty is the only agreement of its kind dealing with intergovernmental cooperation in the energy sector, covering the whole energy value chain (from exploration to end use) and all energy products and energy-related equipment. Based on the Energy Charter of 1991, which was a political declaration signalling the intent to strengthen international energy ties, the Energy Charter Treaty was signed in December 1994 and entered into force in April 1998. To date, the Treaty’s membership covers fifty-one states plus the European Communities, which together represent nearly 40% of global GDP. Twenty more states and ten international organisations have the status of observers. • Members of the Energy Charter Treaty: Albania, Armenia, Austria, Australia, Azerbaijan, Belarus, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, European Communities, Finland, France, Georgia, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Kazakhstan, Kyrgyzstan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Moldova, Mongolia, the Netherlands, Norway, Poland, Portugal, Romania, Russian Federation, Slovakia, Slovenia, Spain, Sweden, Switzerland, Tajikistan, the former Yugoslav Republic of Macedonia, Turkey, Turkmenistan, Ukraine, United Kingdom, Uzbekistan • Observers: States: Afghanistan, Algeria, Bahrain, China, Canada, Iran, Jordan, Korea, Kuwait, Morocco, Nigeria, Oman, Pakistan, Qatar, Saudi Arabia, Serbia, Tunisia, United Arab Emirates, United States of America, Venezuela (vertical stripes denote the countries of ASEAN) International Organisations: ASEAN, EBRD, IEA, OECD, UN-ECE, World Bank, WTO, CIS Electric Power Council, BSEC, BASREC Fostering LNG Trade: Role of the Energy Charter Energy Charter Secretariat 2008 Foreword Disclaimer Information contained in this work has been obtained from sources believed to be reliable. However, neither the Energy Charter Secretariat nor its authors guarantee the accuracy or completeness of any information published herein, and neither the Energy Charter Secretariat nor its authors shall be responsible for any losses or damages arising from the use of this information or from any errors or omissions therein. This work is published with the understanding that the Energy Charter Secretariat and its authors are supplying the information, but are not attempting to render legal or other professional services. © Energy Charter Secretariat, 2008 Boulevard de la Woluwe, 56 B-1200 Brussels, Belgium ISBN: 978-905948-072-8 (English PDF) Reproduction of this work, save where otherwise stated, is authorised, provided the source is acknowledged. All rights otherwise reserved. Foreword FOREWORD Following the decrease in construction costs during the 1990s and growing gas prices after 2000, LNG now has a global coverage and can reach trade partners which cannot be connected by pipeline gas. On the supply side, Qatar has developed into the largest LNG supplier worldwide, while on the demand side the US has entered the market as a major importer. With these developments, LNG trade under traditional long-term contracts has been supplemented by new, more short-term trading instruments. LNG trade can contribute both to security of supply and to security of demand. However, to meet demand, security of supply depends on the mobilisation of sufficient resources and investment; while security of demand, if not covered by long-term contracts, raises the issue of access to markets based on a fixed infrastructure. The Energy Charter Treaty of 1994 provides energy exporting and importing countries with a unique framework for cooperation and securing cross-border energy flows and investment. Along with other energy materials and products, it is also designed to cover LNG and its provisions apply to the LNG trade and investment in LNG projects. This report offers a comprehensive, fact-based understanding of the latest developments in the global LNG sector. The study also analyses the implications of the fast growing LNG trade for security of supply / security of demand, and provides an outlook for regions within the Energy Charter constituency, such as for Europe, Russia and Japan. In addition, the study considers how the Energy Charter Treaty can contribute to fostering the development of LNG trade. This report is made publicly available under my authority as Secretary General of the Energy Charter Secretariat and without prejudice to the positions of Contracting Parties or to their rights or obligations under the Energy Charter Treaty or the WTO agreements. André Mernier Secretary General Brussels, October 2008 Acknowledgements Table of Contents ACKNOWLEDGEMENTS This study was prepared at the request of the Trade and Transit Group meeting on 26 October 2006 and the draft report was approved at the meeting on 27 February 2008. Ralf Dickel, Director for Trade and Transit, initiated the project and provided guidance and support. The study was designed and managed by Miharu Kanai, Senior Expert. This report was written by the following Energy Charter Secretariat staff and outside experts: Chapter 1 “Overview”: Ralf Dickel Chapter 2 “Technological Aspects of the LNG Supply Chain”: Vladislav Pertsovich Chapter 3 “Development of LNG Infrastructure”: Miharu Kanai (sections 3.1 and 3.2), Vladislav Pertsovich (section 3.3) Chapter 4 “LNG Trade, Investment and Access to Markets / Infrastructure”: Miharu Kanai (except section 4.6), Jim Jensen, Jensen Associates (section 4.6). Chapter 5 “Energy Charter Treaty Provisions Relevant to LNG”: Yulia Selivanova (section 5.1), Thea Khitarishvili (section 5.2), Graham Coop (section 5.3) Chapter 6 “Case Study: Europe”: Gürbüz Gönül Chapter 7 “Case Study: Russia”: Olga Sorokina (except section 7.3.1), Vladislav Pertsovich (section 7.3.1) Chapter 8 “Case Study: Japan”: Shigeki Sakamoto, Japan Oil, Gas and Metals National Corporation This study benefited greatly from contributions by Tim Gould and Clarisse Ribeiro. Sarah Pearcey provided editorial assistance and Olga Sorokina designed the layout of the report. Russian translation of the report was done by Vadim Savin and Valery Zaitsev. Galina Romanova and Olga Sorokina edited the Russian version of the book. Valuable comments on the study were received from Energy Charter member governments and observers as well as industry experts: Graham Allardice, Department for Business Enterprise and Regulatory reform, UK Thomas Briggs, BP Graham Hartnell, Nexant John Havard, Department for Business Enterprise and Regulatory reform, UK Akira Ishii, Japan Oil, Gas and Metals National Corporation Takashi Kuroko, Mitsubishi Corporation (UK) Oh Jung Kwon, Korean Mission to the EU Trevor Morgan, International Energy Agency Koichi Murakami, Ministry of Foreign Affairs, Japan Mostefa Ouki, Nexant Hideya Takaishi, Bank of Tokyo-Mitsubishi UFJ (UK) Sally Williams, Department for Business Enterprise and Regulatory reform, UK The final responsibility for the book lies with the authors. Acknowledgements Table of Contents TABLE OF CONTENTS CHAPTER 1: OVERVIEW ...............................................................................................................................14 1.1 Major Developments in LNG Trade since 2000 ............................................................................15 1.2 LNG and Security of Supply / Security of Demand .....................................................................16 1.2.1 Security of Supply ......................................................................................................................16 1.2.2 Security of demand ...................................................................................................................17 1.3 Access Regimes to LNG Regasification Terminals .......................................................................17 1.3.1 TPA regimes .................................................................................................................................17 1.3.2 Terminal Classification ..............................................................................................................18 1.4 Impacts of Increasing LNG Trade on the Energy Charter .........................................................18 1.5 LNG Trade and the Energy Charter Treaty .....................................................................................19 1.5.1 Regional Coverage of LNG Exporting and Importing Countries by the ETC ........19 1.5.2 Coverage of LNG by the Provisions of the Energy Charter Treaty.............................19 1.5.2.1 Transit ..............................................................................................................................19 1.5.2.2 Investment Protection ...............................................................................................19 1.5.2.3 Trade ............................................................................................................................... 20 1.5.2.4 Access to Infrastructure
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