By IANS
Kuala Lumpur : Malaysian Prime Minister Abdullah Ahmad Badawi Monday called for close cooperation among Asia's national oil companies for effective and sustainable energy security.
"Energy security lies in shared recognition of our energy interdependence. This state of interdependence should be based on the multilateral cooperation of producers and consumers as well as governments and businesses," Badawai said in his inaugural address to the 12th Asia Oil and Gas Conference (AOGC), Iranian news agency Irna reported.
"National oil companies (NOCs) need to work together to promote energy security in effective and sustainable ways," he said.
In Asia alone, total investment of about US$7.8 trillion will be required in key infrastructure along the entire energy value chain, during the period 2004-2030, he noted.
This translates into new annual investments of about US$300 billion, Badawi said adding that these investments will require greater collaboration from all industry participants, including Asian NOCs as well as the multinational oil companies.
Abdullah said the issue of energy security continued to be a highly-charged concern.