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EDITORIAL<br />
comes from Asian markets, where Qatar has emerged as one of<br />
the primary suppliers. One of the biggest challenges for the LNG<br />
markets is the imbalance between the export, transport and regasification<br />
capacities. LNG import terminals in some regions are<br />
underutilised; in Europe, for instance, only one-third of the capacity<br />
is used. Some countries, such as Australia, are making heavy<br />
investments in order to increase their export potential. In the long<br />
term, Australia is expected to become the largest supplier of LNG<br />
in the world.<br />
As in our previous issues, we continue to closely follow the developments<br />
concerning the European and <strong>Caspian</strong> energy markets.<br />
There are a number of significant headlines worth keeping an<br />
eye on, among them European efforts to advance with the Energy<br />
Union and the opening of the Southern Gas Corridor. Articles by<br />
Manfred Hafner, Mubariz Hasanov, Arzu Yorkan, Thanos Dokos,<br />
Nino Kalandadze and Nicolo Rossetto illuminate the key issues<br />
around these two major drivers of Europe’s energy future.<br />
The protracted crisis in Ukraine is also another geopolitical flashpoint<br />
that requires attention. Another expert, Radu Dudau from<br />
Romania, analyses the Russian – Western standoff over Ukraine in<br />
the context of the potential implications for the Black Sea region.<br />
Mesut Hakki Casin and Roman Rukomeda provide a useful perspective<br />
on the recent China - Russia natural gas deal, reached at<br />
the peak of the Ukraine crisis, which has also had a major impact<br />
on EU-Russia energy relations. Faced with energy sanctions imposed<br />
by its biggest export market, Russia needs new customers<br />
for its large natural gas supplies: a deal with China is critically<br />
important for the Putin administration.<br />
IT IS MY UTMOST<br />
PLEASURE TO GREET<br />
YOU IN CASPIAN<br />
REPORT’S 8 TH ISSUE.<br />
SINCE THE SUMMER<br />
ISSUE SIGNIFICANT<br />
GEOPOLITICAL<br />
AND ECONOMIC<br />
DEVELOPMENTS<br />
EMERGED BRINGING<br />
PROFOUND<br />
CHALLENGES TO THE<br />
GLOBAL POLICYMAKING.<br />
I wish you a pleasant read, and look forward to presenting you<br />
with our Winter 2015 issue.
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