Millennium Post

Moily calls for unified Asian gas trading platform

Oil Minister M  Veerappa Moily in his address at  5th Asian Ministerial Energy Roundtable held at Seoul on Thursday, has called for a creation of an unified Asian trading platform/gas hub on the lines of similar hubs of US and Europe.

'Creation of unified Asian trading platform for gas would enhance the liquidity of gas supply from various sources efficiently and effectively and meet the growing demand of Asian countries at affordable price,' Veerappa Moily said.

  The 5th Asian Ministerial Energy Roundtable was held at Seoul on Thursday. A total of 26 delegations including energy ministers from over 20 countries and representatives from IEA, IEF and OPEC participated in the roundtable.  India had hosted the first roundtable of Asian Ministers at New Delhi in January,2005.

 Speaking on growth of gas sector in Asia, particularly in the emerging markets like India and China, he said that this would be broadly dependent upon three key factors : first, the ability of the emerging markets to secure reliable and reasonably price gas supplies to keep pace with the ever-growing demand; second, the capacity of the Asian emerging markets to integrate the Asian gas market, so as to move towards an Asian gas marker price; and third, the resolve of these emerging markets to promote the use of natural gas for addressing climate change and sustainability concerns.

Oil Minister also extended invitation to all the participating energy ministers for the Asia Gas Conference scheduled on 3  December, 2013 and the PETROTECH-2014 scheduled on 14-15 January, 2014 at New Delhi.

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