Atlantic Council
Energy and Economic Summit

Special Session: American Foreign and Energy Policy Priorities

Jon M. Huntsman Jr.,
Atlantic Council

Keynote Speaker:
Antony Blinken,
Deputy Secretary of State,
United States

Moderator and Concluding Remarks:
Frederick Kempe,
President and CEO,
Atlantic Council

Location: Istanbul, Turkey

Time: 5:00 p.m. Local
Date: Friday, November 20, 2015

Transcript By
Superior Transcriptions LLC

MS : Dear guests, I’m the new Tony Blinken, so anyway, just – but first of all, I would like to make an announcement: Deputy Secretary Tony Blinken is on his way, together with Ambassador John Bass. Unfortunately, we have to, you know, keep you another 10 minutes waiting, because they stuck – they’re very close, but stuck in traffic at one point. So thank you for your patience and understanding. Thank you very much.

ANNOUNCER: Please welcome to the stage Atlantic Council Chairman Jon Huntsman.

JON M. HUNTSMAN JR.: Good afternoon, ladies and gentlemen. It’s a pleasure to be with you once again. We apologize for the minor delay, but as I was telling somebody outside a moment ago, it’s a little bit like waiting for the Rolling Stones – you don’t mind being delayed just a little bit because you know it’s going to be a pretty good performance.

It’s my distinct pleasure to welcome you to – it’s hard to believe, because the two days have gone by so quickly – but indeed the final session of this year’s Energy and Economic Summit. And what an exciting and productive couple of days it has been. And I want to thank once again all of you who have participated, who have traveled in many cases great distances to be here with us this week.

Before we begin, let me just note that this session is on the record and being livestreamed online. For those of you on Twitter, I encourage you to follow along using the hashtag #ACsummit. Simultaneous translation is also available on your headsets. I’d also like to ask everyone to please silence your cellphones – please, please, please – during this most important session.

So over the last two days we’ve heard extensively from government officials, policymakers and business leaders on some of the most pressing energy, economic and political challenges facing the United States and its allies at this – at this time of global turbulence. This upcoming session will aim to bring together many of the topics we’ve touched upon so far during the summit and spell out a U.S. response to the host of challenges confronting the region. At the Atlantic Council, we believe that it is our collective responsibility to forge lasting solutions to ensure a durable global order as we navigate the political and economic hurdles in today’s world.

To that end, it’s a great honor to be joined here by U.S. Deputy Secretary of State Tony Blinken, who will deliver keynote remarks on a growing list of priorities for the United States and its global partners. Now, Tony is the essence of a seasoned diplomat and a policy expert, and of the most experienced national security hands in America. Beyond his impressive resume of over two decades – having served as former deputy national security adviser, deputy assistant to the president and national security adviser to the vice president – Tony is universally regarded for his sound judgment and his unassuming character that really enables him to navigate some of the most delicate policy debates, even in the most stressful of circumstances. Tony has been a sounding board to the current administration on numerous of the major issues, including the recent nuclear deal with Iran. And I can think of no better person to conclude what has been a terrific, fantastic two days of very informative sessions.

So without further ado, ladies and gentlemen, please give a very warm welcome to the deputy secretary of state, Mr. Tony Blinken. (Applause.)

ANTONY BLINKEN: Well, thank you all very, very much. It is wonderful to be here.

And, Jon, thank you for your incredibly generous introduction and your very warm words. I have very fond memories at the beginning of the first term of the Obama administration working closely with Governor Huntsman when he was ambassador to China. He has been, and is, an extraordinary public servant – both a leader at home in the United States and of our foreign policy abroad. And it’s a great pleasure to be with you.

And Fred, and everyone at the Atlantic Council, thank you for what you’re doing every single day to help give greater vision, greater perspective, and to bring new ideas into the conduct of our foreign policy, especially at this challenging time. It could never be as valuable as it is today. We’re grateful for the work that you do.

And it’s very good to be here in Istanbul at, first of all, at one of the preeminent energy forums in the world, but also to be here in Turkey, one of the closest partners and allies the United States could have.

I also want to take just a moment to thank a superb team that we have here, led by our ambassador to Turkey, John Bass. I see several of his predecessors are with us as well. In fact, I see what looks like what could constitute a wonderful meeting in the Situation Room back in the White House, given the number of colleagues who are here with us today. It’s wonderful to see all of you.

This has been an incredible week for our embassy, but also for Turkey. It started with the G-20 in Antalya and the remarkable job that Turkey did in bringing that together. And I also want to praise our team for the great work that they did in making that work so well.

So, look, I know that, first of all, I’m late. And I’m the only thing that stands between you and a beautiful dinner on the banks of the Bosporus. So I will try to be relatively brief, but I also want to try to do justice to the subject as Ambassador Huntsman laid it out. And this is indeed a very appropriate setting for this discussion – a place where continents literally converge and great civilizations meet.

From where we stand today, we look out at a world that is more fluid and more fraught with complexity than I believe any time before. Power is shifting among, below and beyond nation-states. This shift is urged on by the rapid pace of technological change, the growth of economic interdependence, the scale of global connectivity. It requires governments to be more accountable to sub-state and non-state actors, from the mayors of megacities to corporate giants, to super-empowered groups and individuals. All of us are linked in unprecedented ways, incentivizing new forms of cooperation, but also, as we know, creating shared vulnerabilities. Among those vulnerabilities is the weakening of state authority, the erosion of order, the emergence of ungoverned space, the proliferation of weapons and technology, the surfacing or resurfacing of old hatreds, and the stoking of new ones.

The most severe consequences of all these developments fall on those least responsible. Foremost among them are the refugees, who struggle to find sanctuary from violence and a future for their children. We are living an unprecedented moment in the history of refugees. If you put all of the refugees in the world together today, they would make up the 25th-largest country in the world. Last week, our hearts were once again broken by the tragedy of this excruciating reality, of which the refugees are the first victim, as terrorists extinguished the lives of innocent people in Paris and in Beirut. This kind of wanton, indiscriminate, nihilistic violence is something with which Turkey – and Ankara just recently – is also so tragically familiar. Yet even in their depravity and inhumanity, these attacks did not and could never undermine our commitment to defend and protect the very ideals that they challenge – the ideals of dignity and tolerance, of justice and freedom – ideals that will prevail.

The violence we’ve seen in Paris and Beirut and Ankara, to say nothing of Homs or Mosul, is only strengthening our resolve to degrade and ultimately destroy Daesh. Fourteen months ago, the global coalition to counter Daesh did not exist. In that short time, with the leadership of President Obama and the United States, we have brought together 65 countries. We’ve launched more than 8,200 airstrikes. We’ve forced Daesh to change how it conducts its military operations, impeded its command and control, deprived it of 40 percent of the territory it once controlled in Iraq.

A year ago, even Baghdad and Erbil were under imminent threat. Today, from the critical border towns of Kobani and Tal Abyad in Syria to Tikrit in Iraq, we’ve liberated communities and enabled people to begin to return home. Baiji, which was under assault for months, is now securely in the hands of Iraqis, whose forces are also fighting to retake Ramadi.

Over the last weekend, Kurdish forces secured a strategic victory by liberating Sinjar, cutting off Highway 47 – the principal east-west line of communication, weapons transport and foreign-fighter movements, and illicit oil and fuel flows between Mosul and Raqqa, the two key places that Daesh controls in Syria and Iraq, respectively.

In northern Syria, the coalition has secured 85 percent of the Turkish-Syria border. And we’re enhancing our air campaign and efforts on the ground with Turkey to help drive Daesh out of the remaining 15 percent – a 70-mile stretch that it still controls – thereby closing off its most vital supply line for foreign terrorist fighters and materiel.

We’re also stepping up support to moderate opposition fighters throughout Syria, including in the south, to help them consolidate the gains they’ve made. Among other forms of support, President Obama has authorized a number of U.S. Special Forces on the ground in Syria to advise and assist them.

And in Iraq, U.S. Special Forces are already working closely with Iraqi military leaders to plan and execute ground operations and train Sunni volunteer fighters to regain Anbar and Nineveh provinces. This engagement is providing space for steady, sustainable gains by Iraqis to take back their own country.

In short, in both Iraq and Syria, we are starting to squeeze Daesh. From the east. From the north. From the south. As we undermine the foundations of its self-declared caliphate, the edifice will begin to crumble.

As our military forces strike at the heart of Daesh, our global coalition is doing a number of other things. It’s providing humanitarian relief and stabilization support to liberated communities, disrupting the flow of foreign fighters, including by deepening cooperation and coordination among our law enforcement and intelligence communities. We’re working to counter Daesh’s narrative of nihilism and cutting off its financing. Our strategy is the aggregate of all of these lines of effort. That strategy will defeat Daesh, a determined and dangerous enemy.

And just to illustrate some of these lines of effort and the progress we’ve made recently, since the beginning of the Syrian crisis the United States has provided over $4.5 billion in humanitarian assistance across the region to help save lives, rebuild communities, and prevent Syrian children from becoming a lost generation. Just yesterday I had the opportunity to visit a school in Adana that educates Syrian children in the – in the afternoon on a second shift. Teachers literally come and teach a second day of school in the afternoon and into the early evening. This is truly heroic work by Turkish teachers, administrators, local and national officials, and it is helping to prevent a lost generation. We see the same efforts being made in Lebanon and also in Jordan, which – both of which have also opened their arms to refugees despite the incredible strain that it puts on their countries. And, with the United Nations, we’ve also established a critical stabilization fund, so that when towns are liberated we can provide – with the plans in place – security and services that allow people to return home.

On another front in this effort, a total of 45 countries have passed or are updating existing laws to more effectively identify and prosecute foreign terrorist fighters. The United States now has information-sharing agreements with more than 45 international partners to identify and track the travel of suspected terrorists. Turkey, perhaps the most critical geographic partner in this effort, has increased detentions, arrests, and the prosecution of suspected terrorist fighters. It’s improved its information sharing, and it’s taking important steps to improve border security as well.

Now, every day Daesh and its supporters produce as many as 90,000 tweets and social media posts glorifying violence and issuing a siren call for susceptible young men and women to become foreign fighters. We are fighting back hard in this space – in the press, in the social media – pointing out the reality of what these terrorists are doing to their fellow Muslims and anyone else in their way. And that social space is changing. At the beginning, 14 months ago, 15 months ago, if you looked at the social media space, it was dominated by Daesh – 80 to 90 percent of the messages and information in that space was pro-Daesh. That has entirely flipped, and now that space is dominated by anti-Daesh messages. And it’s beginning to have an impact. In Abu Dhabi, we created a digital communications hub to tackle Daesh’s propaganda and recruitment methods head on by engaging and amplifying moderate, independent voices from the region – voices that represent the overwhelming majority of Muslims around the world.

And we sharply increased our ongoing efforts to disrupt one of Daesh’s main strengths, oil and gas. Every day, as many as you know, Daesh generates an estimated $1 million per day from the oil – from oil sales within its territory, using the revenue to strike out against citizens in the region and abroad. But it also leverages its control over these critical resources as a propagandistic symbol of its authority and legitimacy. So this is a dual-edged sword for Daesh.

One of the difficulties in getting at this source of financing is that it’s basically internally generated, in that it controls the oil and gas within the territory that it currently controls physically, and it actually mostly sells it within that territory. Some of it is then sent out of the country, but the revenue itself is basically internally generated, making it difficult to cut it – cut it off by simply cutting off the flow of financing into and out of Syria and Iraq.

So that’s why the coalition has targeted Daesh’s oil operations from the beginning, damaging or destroying more than two dozen mobile refineries and about twice as many collection points where truck drivers load crude oil. But what happened was that – is that Daesh quickly adjusted and repeatedly to our attacks, the result of operating in the region with a long and thriving history of illicit oil trade. But we’ve adapted as well. After the fall of Mosul, Daesh used Iraq’s Ajeel oil field to fuel its war machine. But with support from coalition airstrikes, Iraqi security forces retook that field just a few months ago. More recently, Iraqi forces reclaimed the Baiji oil refinery, denying Daesh access to its strategic location and refining equipment. And then, in August, Kurdish forces with coalition support pushed ISIL out of the In Salah field in northern Iraq.

In both Iraq and Syria, we’re – we have aggressively gone after Daesh’s ability to benefit from energy resources, and we’re not letting up now. I think as you saw in the last few days alone, we’ve destroyed over 160 oil trucks, disrupting fuel supply lines that the terrorists use across Syria and into Iraq. We’ve hit key infrastructure in the Omar oil field, one of the two most important oil fields for Daesh, and we can already say that its oil production took a serious hit in the most recent strikes.

All of that said, as you look across all of these lines of effort that constitute our strategy to deal with Daesh, it’s also true that Daesh is not going to be defeated ultimately while war continues to ravage Syria – a war that Bashar al-Assad has waged against his own people. Now in its fifth year, this conflict has caused a humanitarian catastrophe of epic proportions. One in every 20 Syrians has been killed or wounded, one in every five Syrians has fled the country as a refugee, and half of those remaining are internally displaced within the country. As a frontline state, Turkey has borne the brunt of this crisis. And I just want to say again how grateful we are to Turkey’s leaders and citizens, as well as those in Jordan and Lebanon, who have generously opened their doors and opened their hearts to those in need.

But in Syria, what this has done is of course created a sanctuary – a haven for Daesh, but also a magnet for the recruitment of foreign fighters. Simply put, as long as Assad remains, there will not be peace.

That’s why Secretary Kerry is working so hard to pursue a political transition that ensures Syria unity, its independence, its territorial integrity, and its secular character. And for the first time we’ve now managed to get all of the major outside stakeholders around the table and starting to move in the same direction.

In Vienna last week, all the parties – including Russia, including Iran – agreed that formal negotiations should begin around January 1 between the opposition and the regime, with the broadest possible spectrum of Syrian opposition chosen by the Syrians themselves. They agreed on the steps to a political transition outlined in the Geneva Communique, including the formation within six months of a credible, inclusive, nonsectarian governance; a schedule and a process for drafting a new constitution; and determined eligibility for voting and candidacy in elections. And they agreed that free and fair elections would be held within 18 months. And they also agreed to press for a nationwide ceasefire as soon as representatives of the Syrian government and opposition take the initial steps toward the U.N.-supervised transition.

Now, you all know that real differences remain, especially concerning Assad’s future. But the prospects for a political transition are better than they have been in a long time. And ironically, part of the reason for this is Russia’s in extremis intervention to hold onto its sole foothold in the Middle East, the Assad regime.

That intervention has done two things. On the one hand, it’s increased Russia’s leverage over Assad. But it’s also increased the complex leverage over Russia. Moscow increasingly realizes it cannot sustain or risk the growing costs of its – of its actions. By putting its air power at the service of Assad, Hezbollah and Iran in their vicious campaign against the majority of Syrians, it risks alienating 85 percent of the Muslim world that is Sunni, including its own Muslim population. It’s also made Russia a target for Daesh, as seen in the horrific bombing of the civilian airliner in Sharm el-Sheikh. This in turn has created a compelling incentive for Russia to work for, not against, a political transition, and to shift its focus from defending Assad to defeating Daesh.

It is in the interest of all of us, including Russia, to preserve Syria’s future as a unified, sovereign state, and defeat Daesh, which poses a threat to all of us. We have to break the mindset, encouraged by both Assad and Daesh, that the only choice Syrians have is between the two of them. A different future is not only possible, it is imperative. And we will not rest until we find a way forward in exactly that direction.

Now, we’ve seen how energy resources can be wielded as a weapon of repression, as tools to finance radical ideologies or territorial expansion. But the great power shift that we’re witnessing in the world also affects our energy security in positive ways by actually remaking our ability to use these resources to help reduce conflicts and spur more inclusive growth. It was not so long ago that the security of Europe’s energy supply was routinely subject to coercion and political pressure from its biggest suppliers. In 2005 and again in 2009, Europe could only watch as Russia halted its gas flows through Ukraine in the dead of winter. That specter rose again in 2014 – a stark, cold reminder of what continued dependence on Russia would mean for the aspirations of all of Europe.

The United States remains, as always, strongly committed to European energy security. That’s why our special envoy for international energy affairs continues to engage relentlessly with our colleagues in the European Commission and member states to help implement the European Energy Union Strategy.

Europe does not need more pipelines that redirect the same Russian gas supplies via different routes to the same European customers. Instead, it needs improved interconnections and strategic LNG infrastructure so that gas that arrives anywhere in Europe can be delivered to any customer in Europe. Thanks to technological advances, a democratization of supply sources, new infrastructure projects, Europe is on track to greater security with a more transparent, integrated and stable energy market.

A year ago, the Baltics were virtually an energy island entirely dependent on a single source for all of their natural gas needs. Now they’re on track to be one of the most integrated energy regions by the end of this decade. The Estonia-Finnish undersea electricity cable is completed. A new floating LNG facility in Lithuania is in place, aptly called Independence. Today, Lithuania and Estonia receive gas from this LNG terminal, and Latvia is making legislative reforms so it too can receive alternative supplies and be a critical storage hub for the region. A planned gas interconnector with Poland; potential gas interconnectors with Finland, Poland and Estonia; and the opening of power interconnections with Sweden and Poland make the Baltics far less dependent on any single source and far more secure than ever before.

Now we need to take this same approach with a number of other strategically located projects, including building floating LNG terminals in Croatia and Greece, and completing the Greece-Bulgaria interconnector. The opening of the Southern Gas Corridor will change the energy map of the continent by building the links needed to deliver Caspian gas from Azerbaijan to Europe – energizing growth all along the length of its lines while enhancing Europe’s energy security.

Having said all that, I want to be very clear: this is not a strategy designed to eliminate Russian gas from the European market. Russia will and should remain a major player so long as it plays by the rules. No nation should use energy as a political weapon to target citizens and undermine their aspirations, just as no nation should be allowed to impose its will by force on another.

To this point, the United States remains united with the European Union and its member countries in our support for Ukraine – for its sovereignty, its territorial integrity, its energy security, and its right as any free nation to pursue the path set by its own citizens, not by anyone else. We are firm in our commitment to hold Moscow to the full implementation of the Minsk agreements and to keep the pressure on until it does.

We’re working shoulder to shoulder with our partners in Ukraine to strengthen its energy security, including by providing technical assistance to increase domestic production. More work remains, including for Ukraine to liberalize its electricity market, to adopt a law providing for an independent regulator, and implement the gas sector reform program agreed to with the World Bank and the IMF.

While we work to prevent the use of energy as a political tool, we’re also putting forward a competing vision for where cooperation in the energy sector can foster collaboration and greater prosperity from the shores of the Mediterranean to the steppes of Central Asia. There’s no better example than the Eastern Mediterranean, which has become one of the brightest lights in the geopolitics of energy. As countries move from net importers to exporters, energy becomes a tool for cooperation, for stability, for security and greater prosperity. For the first time in the histories of their country – countries, excuse me – Jordan and Israel have begun work together on the construction of a pipeline to bring gas from Israel to Jordan. And recent discoveries in the Eastern Mediterranean are awaking Cypriots the value of coming together to unlock the island’s economic potential as a critical transit hub for energy flows from across the Eastern Med into Europe.

Finally, just as important as that physical infrastructure are the energy policies that go with it – the soft infrastructure of laws, regulations and public policy priorities that enable our societies to benefit from innovation and entrepreneurship in this rapidly changing environment. That’s true in the United States as it is anywhere else.

When President Obama took office, the security of America’s energy future was not exactly a subject for optimism. But seven years of foresight and investments are beginning to pay off for the citizens of the United States and the world beyond. We’ve increased, as you all know, production in significant ways. We’ve doubled the distance that our cars will go on a gallon of gas by 2025. We’ve tripled wind power generation. We’ve multiplied solar power generation in America 20 times over. And we’ve made breakthroughs in battery storage as well. We’ve cut our total carbon pollution more than any country on Earth. So this combination of liberating existing sources, traditional sources, and bringing in new sources and renewable sources has totally changed the energy picture for the United States.

Since the United States and China made their landmark announcement to reduce emissions, more than 150 countries have announced their own emissions targets inspired by the impact of collective action. These bold policies are limiting the damage done to our environment today, as well as demonstrating it’s possible to fight climate change and secure the benefits of a cleaner, greener energy future. And in a short time in Paris, we hope to send a very strong message that the world is serious about solving this challenge and warding off what Secretary Kerry has called possibly the single most profound betrayal of one generation to another in history.

All of you in this room this evening represent some of the brightest minds and strongest leaders on energy policy in the world today. As a new era takes shape, all of you – all of us – need to continue to look over the horizon, alert to the vulnerabilities but also awake to the opportunities. With equal parts strength and wisdom, we can fulfill the solemn and sacred responsibility our generation has to protect our nations, but also to preserve the world for those who will follow.

Thank you very, very much. (Applause.)

FREDERICK KEMPE: Secretary Clinton, thank – Secretary Clinton, good heavens. (Laughter.) I’m sorry about that. (Laughs.)

Secretary Blinken, the – that was really important message, and thank you for that incredibly important statement.

You’ve consented to take one or two questions, so I’m going to turn to the audience and not turn to myself to just pick up one or two questions from the audience before we end this conference. And if not, I’m going to ask my own, because I do have one, but I just wanted to –

MR. BLINKEN: Sounds like they’ve been beaten into submission.

MR. KEMPE: Please, Esther Brimmer, a member of our board.

MR. BLINKEN: Esther, how are you?


Q: Thank you –

MR. KEMPE: If you could wait wait for a microphone, please.

Q: Good evening, Deputy Secretary. Good to see you – I mean, to see you again.

If I may ask again about the relationship between the various powers who are working towards a solution in Syria. We understand there may be a Security Council resolution. What will be the role of the U.N. and the larger international community facing these challenges? Thank you.

MR. BLINKEN: First of all, I want to be clear that I’m not running for president of the United States. (Laughter.)

So the U.N. has an absolutely critical and central role to play in this effort. Indeed, any negotiations that actually take place would be under the auspices of the U.N. The U.N. is already playing, through Staffan de Mistura, a vital in working back and forth between the regime and the opposition, and also among the opposition trying to help it come together as we are doing. And going forward – assuming this process takes off – not only will it be under the auspices of the United Nations, but ultimately, when it concludes with elections in 18 months, the U.N. would be playing the lead role in making sure those elections come off freely, fairly and appropriately.

So this can’t be done without the United Nations. We’ve had the opportunity to work very closely with the special envoy, Staffan de Mistura, who’s a remarkable diplomat. And the collaboration could not be closer.

MR. KEMPE: Fred Hof, for the last question.

Q: Mr. Secretary, the latest statement out of Vienna anticipates national elections in Syria by mid-2017. Would you anticipate that Daesh will be gone by then? And, if so, how?

MR. BLINKEN: So there’s always the danger of taking that one extra question, especially when it comes from Fred Hof. (Laughter.) But nonetheless.

Here is ideally what would happen, assuming the political transition actually begins to take root and take off. Part of it involves a nationwide ceasefire, except for Daesh and Nusra. If we can begin to marshal not just the coalition we have, but also the Russians and also parts of the regime that are willing to focus their entire attention on Daesh and other extremist forces, I think that will multiply the prospects that we have of actually getting closer to its defeat.

But you’re right that even in those circumstances it’s entirely possible, if not actually likely, that by the time we get to elections Daesh is still around and trying to wreak havoc. But if this transition takes off with everything that goes along with it, it can be isolated in smaller and smaller parts of Syria and Iraq. And again, we’re already seeing that take place, even in the absence of the transition. As I said, in Iraq it’s something that most people don’t recognize. And I just want to say it again: the amount of territory that Daesh controls compared to a year ago is down 40 percent. And the efforts that are now starting to get some traction in the north in Syria, where the border is so critical and where we’re regaining control of its entirety, putting ourselves in a position also to begin over time to put some pressure on Raqqa, all of that starts to squeeze Daesh and starts to deny its base.

But ideally the objective here is to turn everyone’s attention and focus to Daesh. And if we do that by the time elections roll around, I think we’ll be in a place where they can be held credibly, albeit with areas that will be beyond reach. Thank you.

MR. KEMPE: Thank you very much. And thanks on behalf of us – all of us – for taking the time. Thank you. Thank you very much.

MR. BLINKEN: Thank you very much. (Applause.)

MR. KEMPE: Let me – before we release you, Secretary Blinken – just wanted to make sure I got that right – first of all, you have one of the most difficult jobs in the world and, as you said, one of the most complex times.

Over the last two days, and then with some other meetings the day before, you’ve all worked at trying to sort your way through these problems. We consider you a community we want to continue to work with. We’ll be meeting again November 16th to 18th next year here in Istanbul. But in the meantime, we’ll work all those issues.

I want to express my thanks to everyone who played a part in bringing this summit to fruition – of course the speakers, our partners, and the sponsors who’ve offered the concrete support that allows this dream to come through every year, the Atlantic Council staff – the incredibly remarkable staff – and of course our hosts at the Grand Tarabya and our hosts in Turkey. We love coming back here. Everyone just loves operating here on the shores of the Bosporus. We’ll see you next year.

And all of you who are coming to the – to the dinner tonight, you actually have to be in the lobby at 6:30. The boat leaves no later than 6:45, so we’ll be getting on the boat. There is alternative transportation as well, if you’d rather travel not on the ferry but by road. I think our speaker would say that’s probably not the best way to go – (laughter) – that maybe you want to go by boat instead. But thank you all for being here. We’ll see you next year. And thank you so much for our speaker yet again. (Applause.)