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5/31/05

India to host Caspian oil ministers meeting in October

New Delhi, May 31, IRNA-After getting lead oil producers from the Persian Gulf region to forge alliance with major Asian consumers, India will in October this year host a meeting of the Central Asian oil producers with four largest consumers in Asia towards forming an 'Asian Oil Community', reports Press Trust of India.

"In the week beginning October 17, we propose to host the oil ministers from Russia, Kazakhstan, Turkmenistan, Uzbekistan and Azerbaijan to a meeting with four prime Asian buyers - the Chinese, Japanese, Korean and of course Indian," Indian Petroleum Minister Mani Shankar Aiyar said today.

On January 6 this year, Aiyar had staged a coup of sorts when he got kingpin oil producers Saudi Arabia, Iran, Kuwait, UAE, Oman and Qatar together with prime consumers India, China, Japan and Korea to give shape to a new regional forum that vowed to strengthen energy ties for ensuring stable energy supplies at reasonable prices.

Now he wants the Caspian Sea producers to come on board the pan-Asia community. "We are creating brotherhood in the Asian oil economies." Like the January 6 meeting, on agenda would setting up of an Asian oil market by evolving a marker crude that is produced and traded in the region as opposed to the current practice of oil being sold to Asians at a discount or premium to the benchmark price of North American or European market.

Officials said Aiyar believed that Asian economies account for nearly half of the world's oil and therefore should have their own market which understands the needs of the producers and paying capacity of consumers.

... Payvand News - 5/31/05 ... --



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