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India proposed to Azerbaijan to take part in conference of oil producers and consumers in Asia

02 June 2005 [13:37] - TODAY.AZ
India proposed to Azerbaijan, Russia, Kazakhstan, Turkmenistan and Uzbekistan to take part in a big international conference of oil and gas producers and consumers in Asia, which is scheduled to be held in New-Delhi in October this year, the Indian Minister of Oil industry and Gas, Mani Shankar Ayar stated, Trend reports.
According to him, beside India, at the forum “The Asian Oil community”, to start on October 17, 2005 will be also representatives of the leading hydrocarbon crude importers, among which Japan, China and South Korea.

The main subjects of the conference will be development of economic cooperation, measures on ensuring stable supplies of energy resources at reasonable prices in the tremendous Asian region, Ayar stressed. To his mind, the Asian countries, including those, who have access to the oil-rich Caspian Sea basin, need to establish the regional market for this crude which enables to take into account the consumers’ and producers’ real demands and opportunities in the region.

India currently imports about 70 % of the oil it needs. According to the specialists’ forecasts, the nearest 20 years, with the economic growth tempo by 7 %, its import demands in this raw material will grow up to 85 %.


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