By EuAsiaNews,
Brussels : The Indian Minister of State for Petroleum and Natural Gas, Jitin Prasada, said in Brussels Thursday that the functioning of international oil and gas markets in a transparent manner is most important from India’s point of view.
Addessing the first Conference on Energy Security of Foreign and Energy Ministers from the 45 members of Asia-Europe Meeting (ASEM), he said the global energy market is far from perfect and has in recent years been hugely susceptible to non-market considerations.
“No one can forget the rollercoaster ride of last year which took the prices to a skyrocketing high of $ 147 per barrel. Such high prices were clearly unsustainable. The recent trend of rising oil prices is again threatening a renewed volatility, which is neither in the interest of producing nor of consuming countries, ” he said.
It is a matter of satisfaction , continued the Indiqn minister that energy concems are now beginning to be discussed through important forums like ASEM.
“It is through such interactions that countries will be encouraged to develop a cooperative frarnework through greater dialogue and openness in the global energy market. ”
“We, in India , support global initiatives that strengthen mutual energy security by promoting a truly open, competitive and globally integrated energy market and ensure the long-term interest of both the producers and consumers,” said Prasada.
The event was opened by EU Commissioner for external relations, Benita Ferrero-Waldner, the host of the one-day meeting.
She proposed four areas for working together: combining efforts by sharing information, cooperation on developing new technologies and promoting green growth, improving energy efficiency, and increasing investment in renewables energy.
On his part, EU energy Commissioner Andris Piebalgs, said cooperation with third partners is a fundamental requirement for energy security.
He noted that the European Commission has build various bilateral partnerships notably with India, China, Japan and other countries, and explained that energy security lies at the center of this dialogue.