European countries are losing out to China in their quest to source natural gas from the Central Asian states.
Moving away from dependence on Russia and Middle East hydrocarbons was a key energy objective of European countries in the 1990s, and the oil and natural gas resources along the Caspian Sea was seen as a vital alternative.
Instead, European oil dependence on Russia and the Middle East has grown from 75% in 2000 to 84% by 2010. In addition, EU reliance on gas imports has also risen from 49% to 62% during the period. Continue reading