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Asian oil producers to meet consumer nations on Jan 6

Our Bureau

New Delhi , Dec. 2

OIL Ministers of major West Asian crude oil producers are among those scheduled to attend an international conference in New Delhi on January 6 to discuss the stability, security and sustainability of oil supplies with major consumer nations. "All West Asian oil producers have confirmed their attendance at the Asian Oil Buyers and Sellers Conference," the Petroleum Minister, Mr Mani Shankar Aiyar, said here

Eight major oil producers — Kuwait, Saudi Arabia, Iran, Qatar, Oman, the UAE, Malaysia and Indonesia will come face to face with four significant buyers of crude in the Asian market — India, China, Korea and Japan. "We are awaiting confirmation from Malaysia, Indonesia, Japan and China," Mr Aiyar said at the sidelines of a conference on Wealth Creation for Corporates here.

"We will be discussing all the dimensions of oil economy ranging from marketing issues to investment and environmental issues," he said. Mr Aiyar said the conference was an attempt by India to bring about a consensus among the key Asian oil producers and buyers for creating a price benchmark different from the prevailing benchmarks based out of London and New York. "We want to see if we can evolve an Asian oil products market that could service as a marker for the markets such as India," he said.

Mr Aiyar said the process of globalisation would have to address local needs to bridge the rich-poor divide. "We will have to balance the forces of globalisation with forces of localisation. Local demands have to be addressed, if benefits of globalisation and the liberalisation process are to be fully realised," he said.

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