India calls for revamp of global energy architecture

June 18th, 2009 - 10:20 pm ICT by IANS  

New Delhi, June 18 (IANS) India Thursday called for a “revamp of the global energy architecture” and creation of new infrastructure to ensure stability in supplies and diversification of resources.
This was conveyed by Minister of State for Petroleum and Natural Gas Jitin Prasada at the ASEM (Asia-Europe Meeting) Ministerial Conference on Energy Security in Brussels, an official statement said here.

“India is for revamping the architecture of the global energy by encouraging a participatory model based on diversification of energy sources, stability of energy supplies, security of energy transportation and creation of new energy infrastructure and its protection,” he said.

Further, Prasada said India always supported initiatives for “promoting a truly open, competitive and globally integrated energy market, which ensures the long-term interest of both producers and consumers”.

Lobbying for “out-of-the-box solutions”, he recalled that in last year’s meeting India had suggested a price band mechanism.

Similarly, the minister suggested that international organisations like World Bank could facilitate financing of energy transport infrastructure, like oil and gas pipelines, to overcome bilateral or regional complexities.

“We have also proposed that suppliers and buyers should enter into long-term sale and purchase agreements not only for the purpose of supplies but also for prices to bring stability in oil prices,” Prasada said.

Earlier, the minister said India could not be blamed for the sharp rise in oil prices last year.

“For us, energy security addresses not merely economic growth but also more basic human needs of sustenance and poverty eradication. Under these compulsions, any suggestion that a country like India is exerting pressure on energy supplies, and therefore on energy prices, is not only misplaced but also misconstrued,” said Prasada.

He urged that renewable energy should be an area for serious cooperation between the countries attending the conference, which are among the major energy consumers.

The one-day conference is to discuss and identify positions on important areas of common interest in the energy sector such as energy security and investment.

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