Stronger global partnership needed for energy security: Pranab

Last Updated: Mon, Oct 15, 2012 12:10 hrs

New Delhi, Oct 15 (IANS) President Pranab Mukherjee Monday called for a strengthened partnership among producing, consuming and transiting countries for enhanced global energy security.

Inaugurating the Petrotech 2012 international conference here, Mukherjee said the emergence of India and China as major consumers has fundamentally changed the global energy equations.

He said the challenges confronting the whole chain of production, supply and safe transport of energy products are of "global nature" and interdependence is central to energy security.

And the growing "symbiotic connect" between producing, consuming and transiting countries required "a strengthened partnership between all state actors to enhance global energy security", said Mukherjee, a former foreign minister.

Pointing out that no single country can isolate itself from the global energy markets that are inherently global, he said: "We need to build strong economic partnerships with other producing countries and their oil and gas industries to the mutual benefit of each other."

Apart from sourcing and pricing, he said research and development of new technologies for cleaner and affordable energy products is another area that requires special attention.

"The traditional oil 'Majors' can no longer feel complacent about extensive reserves, refineries, and distribution networks being their mainstay. As a matter of fact, today's winners are companies who have a grip on emerging new technologies."

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