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Russia and Central Asian Oil and Gas in the Global Market
Energy Business Reports, July 2007, Pages: 60
Central Asia is a term used to refer a vast area stretching from the Chinese border in the East to the Caspian Sea in the West, and from Russia in the North to Iran and Afghanistan in the South. Today Central Asia comprises five independent republics, Kazakhstan, Kyrgyzstan, Uzbekistan, Turkmenistan and Tajikistan. Historically, the famous Silk Road that runs from Europe to China and India passed through Central Asia. During the Soviet period, Central Asia remained a source of raw materials, especially its large hydrocarbon deposits that still are of tremendous potential. Even after the collapse of the Soviet Union in 1991, the independent states of Central Asia have remained important to Russia. Trade relations, although decreasing since the Soviet era, remain significant. Energy transfer routes often pass through Russia and many communication links are still northward.
Since the late 1990s, Central Asia has emerged as one of the world’s fastest growing regions and has shown notable development potential. This is significant for a region comprising largely of small landlocked economies with no access to the sea for trade. Among the advantages, of the region are its high priced commodities such as oil, gas, cotton and gold; reasonable infrastructure and human capital as legacies of Soviet rule; and a strategic location between Asia and Europe. Furthermore, many Central Asian countries have embarked on market-oriented economic reforms to boost economic performance and private sector competitiveness.
After a period of dismal economic performance following the breakup of the Soviet Union, the Central Asian countries have put together a booming economic performance since 1997. From 1997 to 2001, annual GDP grew by 6.1% per year in Central Asia as a whole compared with negative growth (-8.0) between 1991 and 1996. Since 2003, growth rebounded to a spectacular 9.9%. Although from a low base, the region’s performance is the highest in the post-transition period for any group of countries in the Soviet sphere and compares favorably with the fastest- growing economies in Asia and the rest of the developing world. In 2005, the region’s growth was well over 9%, reflecting high commodity prices, buoyant international demand and other country-specific factors.
This report discusses the current and forecasted market for this hot region.
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