Dubai: China, one of the world's biggest oil consumers, will soon launch a dialogue with Opec to ensure steady supplies from the main oil producers, said a top Chinese official yesterday.
Zhai Jun, the Chinese Assistant Minister of Foreign Affairs, said China will enhance its cooperation with the main oil producers and consumers to sustain the global market.
"We want to set up a mechanism to negotiate and discuss oil market issues with the Opec countries," Jun told delegates at the Arab Strategy Forum.
"China wants to participate in making big decisions in the world."
Jun said that the most important factor in the energy industry is creating new opportunities for countries to secure sustainable energy resources. "China has achieved significant success in diversifying its energy resources," he added.
While oil meets just 60 per cent of China's energy consumption, Jun said, the country imported 136 million tonnes of oil last year and produced 131 million tonnes locally.
Rajen A. Kilachand, chairman and president of the Dubai headquartered Dodsal Group, said that India is considering investing heavily in building oil and gas production facilities and developing its nuclear energy programmes to secure a sustainable source of cheap and clean power.
"China, India, Japan, Pakistan and even the region's oil producers know the importance of creating and developing nuclear power," he added.
He said that India plans to produce 10 to 20 per cent of its power needs in the future through nuclear power.
Iraq: We expect and hope a better future'
Lakhdar Brahimi, former special advisor to the Secretary General of the United Nations, has raised concerns about the increasingly dangerous situation in Iraq and its impact on the international and regional energy markets.
"There is no government, no state in Iraq now," said Brahimi. "The Iraqi energy sector is worse than it was in 2002 actually… all the indicators have become worse in the last three years."
He added that the agreement that was signed in the north of Iraq could take place again in the south. "This is strong evidence that no united government rules in Iraq," he added.
Brahimi said, "While the people are looking for security and democracy in Iraq, we noticed that in the short and even medium terms, things are getting worse in Iraq. The picture is not completely dark, we expect and hope for a better future for the country."
Brahimi advised the region's oil producers to spend more and invest in development projects and reduce expenditure on defence.
