The Hindu Business Line : Asian oil ministers to pursue regional co-operation in hydrocarbon sector

THE first round table conference of the Asian Oil Ministers has decided to pursue regional cooperation in the hydrocarbon sector with a call for intra-region investment to achieve oil security and stability.

In his concluding remark, the Chairman of the Conference and Union Petroleum Minister, Mr Mani Shankar Aiyar, said a careful consideration is required to create an Asian marker.

"The marker has to be globally accepted and efforts should be made to improve the marketing function in the Asian region," he said.

Most participants in the conference strongly advocated the need of investing in the refining and storage sectors to ensure supply of petro-products on a sustainable basis in the region.

The day-long conference, which had delegations from 11 countries, decided to have the second round-table conference of Asian Oil Ministers in Saudi Arabia followed by Japan and Kuwait.

The conference is likely to be an annual event for which a formal decision will be taken in the near future.

India initiated the move for convening the first round table conference in the wake of sharp rise in the oil prices last year, which had affected the economy of Asian countries in particular.

He said the Asian oil economy is not only integral but also inseparable from the global oil economy.

With Asian destinations emerging as major oil consumers, progressively increasing cooperation between countries is crucial for stability, security and sustainability of oil supply and demand.

"There is a need for moderation, dialogue, mutual understanding, security of supply and maintaining demand and supply equilibrium," the Minister said.

Kuwaiti Special Economic Advisor to Prime Minister, Dr Yousuf Al-Ibrahim, in his concluding remarks said that such a round table will cement the ties between the Asian buyers and sellers.

He stressed the need for increasing investment in refining, distribution and petro-chemicals sector.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page