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The Minister of Petroleum and Natural Gas Shri Mani Shankar Aiyar while delivering Chairman’s Statement on the conclusion of the First Round Table of Asian Ministers on Regional Cooperation in the Oil and Gas Economy said that fundamental of cooperation must include moderation, dialogue security of International supplies and strategic partnerships. The One Day Round Table was held here today by Ministers from major Asian oil buying and selling countries including representatives of International Energy Forum (IEF), International Energy Agency (IEA), OPEC etc. Following is the text of the Chairman’s Statement :-
“A. GENERAL
1. The Asian oil economy is integral to, and inseparable from, the global oil economy.
2. With Asian destinations emerging as the principal consumers for Asian production, and the share of Asia in global production and consumption likely to progressively increase, cooperation between Asian producers and Asian consumers is crucial to ensuring Stability, Security and Sustainability through mutual interdependence in the Asian oil and gas economy.
3. The fundamentals of such cooperation must include moderation, dialogue, mutual understanding and respect, security of international supplies, demand –supply equilibrium, and strategic partnerships based on reciprocity of interests.
4. To this end, an Asian dialogue is both welcome and indispensable aimed at evolving and elaborating an Asian consensus.
5. It is, therefore, agreed that the instrumentality of Round Tables of Asian Ministers on Regional Cooperation in the Oil and Gas Economy, initiated here in New Delhi, must be maintained. The following countries have kindly agreed to host/co-host subsequent
Round Tables:
Second Round Table: Saudi Arabia Co-host: Japan
Third Round Table: Japan Co-host: Qatar
Fourth Round Table: Kuwait Co-host: Republic of Korea
The Round Tables may follow the pattern of alternating between net importing and net exporting countries.
6. For the preparation of Ministerial Round Tables, the Secretariat of the International Energy Forum might convene experts, operators and officials to prepare position papers and agenda documents.
7. To reinforce Ministerial-level discussions at the Round Tables, a parallel effort may be initiated to bring together Asian business operators belonging to the countries represented at the Round Table.
B. STABILITY AND SECURITY
1. There is scope for improving Asian markets for petroleum and petroleum products. The issue requires careful study and detailed consideration, primarily among experts and operators with a view to identifying broad policy parameters that might require further consideration.
2. Prices should be sustained at levels which encourage Asian consumers to increase their purchases of Asian produce; at the same time, prices should be such as to encourage Asian producers to promote investment in oil and gas for Asian consumer destinations as an economic priority
3. Crisscross investments all along the entire oil and gas products chain through reciprocal investment interlocking of producers and consumers will guarantee security of both supply and demand, thus contributing to stability of prices and thereby security of both supply and demand. Thus stability of prices would encourage domestic and cross-country investment in all streams of the petroleum sector and other energy-related projects.
4. Caution must be exercised in promoting balanced investment so that over-investment does not lead to excess capacity nor under-investment to shortage of supplies.
5. Strategic storage and stockpiling contribute to security, and in this regard the valuable experience of Japan might hold significant lessons for other major consumers. However, there must be no abuse for illegitimate commercial purposes of such strategic storages and stockpiles.
6. The exchange of information and knowledge is the key to increasing confidence on the part of both buyers and sellers.
7. The Sustainable And Flexible Energy system (“SAFE”) proposed by Japan constitutes a useful framework for further consideration of issues of energy security.
8. The Iranian proposal for an Asian Bank for Energy Development merits deeper consideration.
C. SUSTAINABILITY
1. Endorsing the importance of energy conservation for the protection of the environment and issues of climate change, the need for technological cooperation in the pursuit of cleaner and more environmentally-sound fossil fuel technologies was emphasized.
2. To this end, cooperation among Asian research and development centers and the promotion of conservation awareness among the general public were recognized as key instrumentalities.”
RCJ/KC/ conclusion of Round Table Conf.(6.1.05)
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