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China assures India it will work for ensuring energy security

— Photo: PTI

MEET ON ENERGY: Minister for Petroleum and Natural Gas Murli Deora (second from right) and India's Ambassador to China Nirupama Rao at the five-nation Energy Ministers' meeting in Beijing on Saturday.

Beijing: Chinese Premier Wen Jiabao on Saturday assured India and three other major energy consumers here that Beijing would cooperate with other countries to safeguard international energy security.

"China is willing to cooperate with other countries in developing and exploiting energy resources, especially in energy conservation, improvement of energy efficiency, development of alternative energy resources and environmental protection concerning energy utilisation, and contribute towards maintaining the stability and security of international energy supply," Mr. Wen said.

Mr. Wen made the remark in his meeting with Indian Minister for Petroleum and Natural Gas Murli Deora, Japanese Economy, Trade and Industry Minister Amari Akira, South Korean Minister of Commerce, Industry and Energy Chung Sye Kyun and U.S. Secretary of Energy Samuel Bodman, who were in Beijing to attend a five-country energy ministers meeting convened on Saturday together with their Chinese counterpart, Ma Kai.

Mr. Wen noted that energy efficiency is a strategic issue in China's economic development. China will continue its efforts to promote the use of wind, solar and biomass and other renewable energies, he said.

The ministers had extensive and in-depth discussions on energy security, strategic oil reserve, energy mix and alternatives, energy efficiency, major challenges and priorities in international energy cooperation, a statement released by the NDRC, China's top planning body, said.

In his keynote address, Mr. Deora proposed building of strategic storage of oil by Asian countries and suggested a three-tier cooperation mechanism to ensure a sustainable global hydrocarbon economy. "I am of the opinion that developing Asian countries should seriously consider building strategic storage of oil," he said.

"The high oil prices currently prevailing make oil inventory-carrying costs prohibitive, particularly for developing countries," he said in his address on `Major Challenges and Priorities of International Cooperation'. The need for maintaining strategic stocks and judicious inventory management are measures developing countries in Asia must seriously consider, he said. — PTI

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