The Conclusions that launched the “Baku Initiative” on the occasion of the Energy Ministerial Conference held on 13 November 2004 with the participation of the European Commission and the Black Sea and Caspian Littoral States and their neighbours, namely Azerbaijan, Armenia, Bulgaria, Georgia, Iran (observer), Kazakhstan, Kyrgyz Republic, Moldova, Russian Federation (observer), Romania, Tajikistan, Turkey, Ukraine and Uzbekistan. The participants agreed on their mutual interest for supporting the development of regional energy markets in the Caspian Littoral States and their neighbouring countries, enhancing the attraction of funding for new infrastructures, embarking on energy efficiency policies and programmes and making progress towards a gradual integration between the respective energy markets and the EU market. A concept paper was issued as an annex to the Conclusions, outlining the orientations for future work in energy cooperation between the EU and the wider region around the Caspian Sea.