I am pleased with the current levels of bilateral energy cooperation, given that Japan is our biggest oil buyer with accounting for 20 percent of total crude exports, the minister said.
I also hope bilateral cooperation will be no longer limited in the hydro-carbon sector but also across a broad range of areas, such as energy efficiency measures and environmental protection, Sheikh Ahmad said.
Ministers or high-ranking officials in charge of energy resources from 21 nations and three international groups are set to confer energy-related concerns in the Asian region, which accounts for 40% of entire world energy demand. High on the agenda at the one-day gathering are combined efforts for improving investment climate, steadying oil prices and improving market transparency, as said by Japan’s trade ministry.
Sheikh Ahmad stressed the significance of Tokyo meeting, saying, Having such dialogue between Asia’s resource producers and consumers is very meaningful in order to adopt cooperative methods and learn concerns of both sides. The third Asian ministerial energy roundtable meeting comes as crude oil prices have dropped to around $51 per barrel, almost 65% fall from a record of $147 in July 2008 as the worldwide recession reduces demand for the fuel, spurring curbs in oil and gas exploration investments. There is rising concern among governments of both oil producers and buyers over a future supply crunch if revitalization of the world economy induces demand growth.
The energy leaders are also likely to talk about ways of possible governmental measures in promoting human capital interaction, together with human resource development in energy fields and sharing examples of cutting-edge projects.
Participants in the meeting, co-chaired by Japanese Economy, Trade and Industry Minister, Toshihiro Nikai and Qatari Oil Minister, Abdullah bin Hamad al-Attiyah, will also include Bahrain, Iraq, Oman, UAE, Iran, Turkey, Brunei, Indonesia, China, India, South Korea, Thailand, Malaysia, Pakistan, the Philippines, Singapore, South Korea, Thailand and Vietnam. In addition to Organization of Petroleum Exporting Countries (OPEC), representatives of International Energy Agency and International Energy Forum will also join in the meeting.
