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Iran advocates establishment of Asian Bank for Energy Development

New Delhi, Jan 7, IRNA -- Iran advocated the establishment of financial institutions like an Asian Bank for Energy Development, which can effectively back-up energy projects among oil producing and consuming countries. Speaking at "The Round table of Asian Ministers on Regional cooperation in the Oil Economy" in New Delhi yesterday, Iranian Oil Minister Bijan Namdar Zanganeh said, creating a win-win structure is naturally one of the pre-conditions for a long term and sustainable cooperation.

The structure should be devised in such a way that the price of energy supplies from Asian producers -that are mainly in the Persian Gulf region- for Asian consumers, will be lower than the price charged by other producers. At the same time, it should encourage Asian producers to produce their oil and gas for Asian consumer destinations, as an economic priority, he added.

The Petroleum Minister of the Islamic Republic of Iran, Bijan Zanganeh said in his inaugural speech that, the importance of energy security in international debates has grown considerably in recent years. Energy supply security is defined as accessibility of energy carriers, at acceptable prices and with proper observation of environmental considerations.

The minister further added that the presence of major Asian oil producers and major Asian Consumers in this round table in New Delhi is and indication of the growing importance attached to the need for exchange of views on the critical issue of energy security and stability.

In his view, the issue has become vitally important for the rapidly growing economic of Asia that are aiming at the improvement of the living standards of billions of Asians in the coming years.

The consumers' concern for energy supply security, however, should also include the producers' concern for the security of demand, he said.

According to him, enhanced investment, especially in the upstream sector, has been the top agenda item in global energy programs and policies. The current oil production capacity shortfall, resulting from a lack of adequate long term investments in the past, is the result of challenges that still persist in the oil market.

In addition, the minister said, Political stability of producing countries, the pre-condition for the flow of investments, and Imposition of crises, from economic sanctions to wars, on major oil and gas producers can never serve or ensure the global energy supply security.

Zanganeh concluded that expansion of cooperation of major Asian producers with oil and service companies in the region will strengthen regional interests, and will lead to profound economic ties in this continent.

... Payvand News - 1/7/05 ... --

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