David Preyger, D.Sc. (Econ.), advisor at the National Institute of International Security Problems (Kiev, Ukraine)

It is absolutely clear that energy policy can be described as global if states scattered across the globe pursue similar interests in the energy sphere. Its entities are geographical regions with considerable proven or forecast resources of hydrocarbon and other energy and raw material sources, transportation means and routes, as well as a price-forming system and other economic parameters related to the functioning of the energy markets. In recent years, the Caspian-Black Sea region, a large part of Eurasia, has acquired more prominence as one of the entities of global energy policy. The area in which the active GUAM members are found has been and remains the place where East and West meet. It is also a corridor for the traditional and recent international transportation routes and transcontinental gas and oil pipelines that together create a powerful flow of energy resources indispensable for the regional countries intensified economic development and very important for the European and other states which receive fuel from the same source. The Caspian-Black Sea region is where global energy policy is formulated and implemented. Moreover, its impact is increasingly felt in the worldwide economic and political processes. The post-Soviet republics (Azerbaijan, Kazakhstan, Turkmenistan, Ukraine, Georgia, and Moldova) are coming to the fore together with the United States, European Union, Russia, Iran, Turkey, China, and Japan. Each of the states or blocs of states has interests of its own that should be defended. In the last fifteen years, defending national interests has frequently given rise to conflicts and crises. The regions geopolitical location and its rich energy resources launched it into the center of the important developments. American experts have estimated the Caspians gas and oil supplies at nearly $4 trillion. The five Caspian states, the owners of the local gas and oil, have failed so far to agree on the methods and technology for their production, transportation to oil refineries, and marketing. It is no accident that the Organization for Democracy and Economic DevelopmentGUAM was formed in the region: it was set up to help each of its members realize its energy interests. Today, the members are pursuing this aim as they see fit.

1. GUAMs Energy Transportation Component

The fuel-deficient countries use different methods (up to and including the use of force) to gain access to energy sources and transportation routes. There is another way, however: they can seek cooperation in the prospecting, production, refinery, and use of

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