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Pacific rim nations to create gas forum

Energy ministers of Pacific rim nations agreed here yesterday to create a forum aimed at helping develop and promote intra-regional trade in natural gas, organizers said.

The participants at the 21-member Asia-Pacific Economic Cooperation (APEC) forum on energy and mining also agreed that increasing the supply of natural gas is the best way to reduce the region's heavy dependency on oil imports.

APEC economies consume 59 percent of global oil production.

"Representatives shared the view that in order to reduce the region's dependency on oil, increasing natural gas supply is the best option," a press statement said.

"They also agreed to create a joint civil-government APEC Gas Forum in order to help develop natural gas and the regional trade of the gas," it said.

The consumption of energy in the Pacific rim nations is expected to increase two percent every year going forward.

In order to meet rising demand, the cumulative regional investment in energy infrastructure through to the year 2030 will reach somewhere between US$5.3 and US$6.7 trillion.

A senior South Korean official said ministers had a "hot debate" on the need to develop nuclear energy as an alternative source for oil and whether it should be included in a joint statement to be issued yesterday.

"Some countries that do not have much of energy want to put the need for developing nuclear energy while other countries do not like it for fear of prompting environmental concerns," the official said.

A draft joint statement said the APEC energy ministers encourage interested APEC economies to join an ad hoc group on nuclear energy "to support nuclear power with ensuring optimal safety."

The ministers noted that high oil prices are a "serious concern for their sustainable economic development."

They called for a broad range of measures, such as creating a strategic oil reserve, further investment in oil exploration, production and refining, while promoting energy efficiency and alternative fuels.
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