Europe will not be able do without Russian Gas Supplies: Analyst

Azerbaijan, Baku, 21 May / corr. Trend A. Badalova/ The countries are less likely to unite in order to develop projects aiming at lessening energy dependence of Europe from Russia, said Paves Sorokin, the analyst of UniCreditAton, which is part of the UniCredit Group international finance group.

Energy summit on energy security will be held in Kiev on 22 to 23 May. The government and business delegations of about 30 countries will take part in the conference including the presidents of Azerbaijan, Georgia, Estonia, Latvia, Lithuania, Moldova, Poland and Romania. The summit aims at looking for energy supply sources independent from Russia.

"The prospects of uniting participating countries in contrast to Russia are very low at present," Sorokin said to Trend on 21 May.

According to Sorokin, it is impossible to replace Russia's supplies with anything.

"All depends on the position of the extracting countries ( Kazakhstan, Turkmenistan) which is headed toward Russia. The support of the United States and Europe is also important, which already exists, yet in small volumes as it is impossible to replace Russian supplies with anything," the Russian analyst said.

According to Carlo Stagnaro, Director of the Department Energy and Environment of the Bruno Leoni Institute of Italy, the energy summit to be held in Ukraine this week is not enough for the development of such projects. Stagnaro said to Trend that what is foremost needed is concrete sign that international oil companies are welcome, and a stable, fair set of rules, including trade agreements in the energy sector whereby foreign investments are allowed and political interference is limited.

However, the Italian expert said that he summit can play an important role for Europe in diversification of the energy resources. "It is important that a political consensus is created for energy projects that can help us to move towards a greater diversification in energy sources," Stagnaro said.

The government and business delegations of about 30 countries will take part in the conference including, the energy commissar of the European Commission, representatives of UN, OSCE, EBRD and World Bank. The key subject of the conference will be feasibility study of the Odessa-Brodi-Plotsk-Gdansk oil pipeline and establishment of the open Baltic-Black Sea- Caspian energy transit space.

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