150 senior leaders from the oil and trade industry met in Baku last week for the second annual Caspian and Central Asia Oil Trading and Logistics Forum, as the world grapples with oil and energy shortages linked to the Middle East conflict.
Leaders from Azerbaijan, Kazakhstan, the United Arab Emirates (UAE), Pakistan and other key countries gathered in Azerbaijan’s capital on 23 and 24 April to discuss global energy security and oil supplies.
The South Caucasus region is increasingly being seen as a means of restructuring how energy is distributed globally in a stable and reliable way.
John Patterson from the British Chamber of Commerce Azerbaijan, who served as a panel moderator, noted that issues relating to the war and the Strait of Hormuz’s closure are already having a significant economic impact:
"It wasn't just a panel talking. What was put forward was all very relevant to the current problem we have with the Strait of Hormuz. One thought is a 200% rise in the price of liquid natural gas."
Mike Shaw, Director of Orbis Risk Partners, agreed that regional optimisation is crucial:
"I think it is very relevant here to be discussing how to improve and how to optimise the flow in this very important region."
A recurring theme throughout the two-day event was the evolution of the Trans-Caspian Corridor. Once viewed as a secondary option, it is now being redefined as a primary artery connecting East and West.
The landlocked nations around the Caspian Sea depend heavily on these cross-continental trade routes, which are vital to their economies.
Assylbek Jakiyev, Chairman of PetroCouncil Kazakhstan, noted that "different wars and conflicts are affecting a landlocked country like Kazakhstan. That’s why boosting cooperation in the oil and gas sector with Azerbaijan is our primary goal."
"It became not an alternative route but a strategic route which is stable and needed for the region," Sergey Revin, CEO at AGB Energy Group said.
The forum saw participation from major industry players such as SOCAR, Shell and Petronas, alongside a growing number of international trading houses seeking new opportunities.
Ali Elsheikh, CEO of Vamoil International in the UAE, said the region offered promise: "We are a small company trading in the East African Red Sea and Indian subcontinent. The region here is very promising with opportunities."
Shehryar Omar, CEO of the Petroleum Institute of Pakistan, agreed, noting that ties between the country and the region were very strong.
The second day focused on energy trade topics including finance, risk management and infrastructure. Traders and consultants agreed that, whilst the potential is vast, delivery will require unprecedented cooperation between the private sector and regional governments.
Timothy Stubbs, a partner at Dentons, remarked that the real takeaway for attendees is the "sense of the challenges for their getting together to resolve issues of logistics in terms of the collaboration that's required."
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