India backs China for Asian energy agency

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Beijing, Jan 13: India today said it would support a Chinese suggestion for creating an Asian counterpart to the International Energy Agency to coordinate the long-term energy import policies of major oil importers in the region.

“India stands ready to participate in such an agency - but only in the cooperative spirit of Panchsheel, the five principles of peaceful co-existence,” minister of petroleum and natural gas, Mani Shankar Aiyar said hereon Friday.

Mr Aiyer, now on a three-day official visit to China, was addressing a select gathering of Chinese oil company officials and experts. He noted in a background paper that the Development Research Centre (DRC) of the State Council, China’s cabinet, had suggested creating an Asian counterpart to the International Energy Agency through the cooperation of China, India, Japan, South Korea and other nations.

Speaking on the subject ‘India and China in Asia’s quest for energy security’, Aiyar thanked DRC for their “supportive reference”.

There is need for major net energy importing countries like India, China, Japan and South Korea to periodically meet and discuss common issues, he said.“But the aim is not, and should not be, to pit an OPIC - an Organisation of Petroleum Importing Countries - against OPEC,” he said.

The problem of energy security is by no means peculiar to the Asian giants-India and China,he said, stressing that many of the smaller Asian countries were also net energy importers and needed to ensure the security, stability and sustainability of oil and gas supplies.

“China has an excellent record of regional cooperation in Asia. So does India. Together, we can set the agenda for asian energy cooperation,” Aiyar suggested.

“The Asian renaissance brought us all to independence and liberation. Now the asian resurgence depends on energy cooperation in Asia,” he said.