Thursday, January 06, 2005

Iran for financial institution to support energy projects

Iran for financial institution to support energy projects: "Iran for financial institution to support energy projects:
[India News]: New Delhi, Jan 6 : Iran Thursday urged the setting up an Asian institution for funding large investments in the energy sector.

"The establishment of financial institutions like an Asian bank for energy development can effectively back up energy projects," said Iran's Petroleum Minister Bijan Zangeneh, addressing the first roundtable of Asian oil producing and consuming countries being hosted by India.

The meeting has been jointly organised in cooperation with Kuwait and the International Energy Forum (IEF). It is being attended by representatives from Saudi Arabia, Qatar, Oman, the United Arab Emirates (UAE), Iran, Malaysia, South Korea, China, Japan and Indonesia.

Representatives from the Organisation of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) are also attending the one-day meet.

The proposed financial institution, Zangeneh said, "should be devised in such a way that the price of energy supplies that are charged 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".

Such an institution would help to safeguard the interests of oil producing countries during times of oil prices falling to low levels and making investments difficult, the Iranian minister said.

He stressed the need for mutual understanding and constructive cooperation to achieve the objectives of the meeting to achieve stability, security and sustainability of oil and gas supplies."

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