The Group welcomed the In-Depth Review of the Investment Climate and Market Structure in the energy sector of Armenia. The review concluded that the government of Armenia had been successfully progressing with the institutional and structural reforms aimed at liberalising the country's energy sector, which had led to improvements in the country's overall investment climate. The Group agreed on policy conclusions and specific recommendations to the government of Armenia, which will be submitted to the Energy Charter Conference for adoption.
The Energy Charter Secretariat updated the delegations on the current developments related to dispute settlement procedures under the Energy Charter Treaty, with a special focus on the recent arbitration awards on the three Yukos cases.
Consultations continued on the future possible measures to improve the system of investment dispute settlement under the Treaty. In particular, delegations studied the proposals on establishing the position of an Investment Ombudsman, and on mediation and conciliation mechanisms.