Caspian Basin: EU Funds Environmental Protection Program for Caspian Basin

The European Union is to launch a two-year project to deliver improvements to the environmental impact of oil and gas activities in Central Asia, CA-news.org reports December 19.

The project, worth $3.63 million, is part of the Interstate Oil and Gas Transport to Europe (INOGATE) program which promotes cooperation between the EU and the littoral states of the Black and Caspian Seas and their neighboring countries, said the report. "It will play a central role in achieving the wider objective of developing a sustainable and secure energy supply system between Europe and the Central Asian region," the report added.

The project will be supported by BSI British Standards, Sweco, a Swedish engineering and environmental consultancy, and AEA, a British energy and environmental consultancy group.

"Working within the INOGATE program we can fulfill a mutually beneficial role -- helping Central Asian countries to protect their environment and improve access to European oil and gas markets, thus improving the security of Europe's energy supply," said Jonathan Perks, AEA's Project Director.

According to a statement issued by the European Commission, "the project will also help implement sustainable environment improvement projects with a view to attracting project finance from international financial institutions and oil and gas developers, and qualifying for the appropriate emissions trading schemes."

"Technical assistance will be given to help monitor and regulate the environmental impact of all operations from exploitation of resources to transport of hydrocarbons," the statement continued.