The Black Sea Economic Cooperation Organization (BSEC) is a regional organization of economic cooperation bringing together twelve countries contiguous to the Black Sea area, namely Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, the Russian Federation, Turkey, Serbia and Montenegro, and Ukraine. On the European landscape the BSEC is a relatively young multilateral institution. BSEC covers an area of nearly 20 million square kilometers, and serves an unsaturated market of 330 million people. The Black Sea region is after the Gulf, the second largest source of oil and natural gas. The Organization of the Black Sea Economic Cooperation is headquartered in Istanbul, Turkey. BSEC promotes a climate conducive to a lasting and closer cooperation among the States of the BSEC Region. It establishes a network of cooperation aimed at facilitating trade and economic development as well as scientific, cultural and human contacts in the region.