The protocol, which was mooted in 2000, aims to develop a set of regulations ratified by international law to govern the transit of energy resources, both electric and hydrocarbon, across national borders.

In a statement the Chairman of the Charter Conference Henning Christophersen said, “I am pleased that we now have a prospect to move towards completion of the Transit Protocol. It has been a long road and there remain a few outstanding issues to be resolved, but I strongly hope that these can be clarified in the course of consultations between the European Union and the Russian Federation later this year.”

“The support for this Protocol from countries across the Charter’s constituency confirms my view that this instrument can make a significant contribution to Eurasia’s collective energy security.

“It is increasingly the case that energy resources have to cross different countries and national jurisdictions on their way from producers to consumers. This is a challenge that demands extensive cooperation between governments and one where the multilateral rules being developed in the Energy Charter can play a vital role. However, I would re-iterate that the completion of this task, and the implementation of these rules, will still require a sustained exercise of political will from our member states,” added Christophersen.

Aside from agreeing to begin negotiations, the Conference also agreed to establish an Industry Advisory Panel whose portfolio will be to facilitate dialogue “between member countries and the energy business community”.