Asian countries may set up joint oil market

Sep 21, 2005 02:00 AM

With international oil prices skyrocketing following a handful of environmental catastrophes including Hurricane Katrina and Rita, three nations in eastern Asia have highlighted a need to set up a joint oil market to effectively procure the natural resource.
At the international forum, Seo Young-Tae, President and CEO of Hyundai Oil Bank, said that South Korea, Japan and China should formulate the so-called “Three Nation Joint-Oil Market” to actively engage in oil price determination and proper procurement process in the international oil community.

In a special presentation titled “The South Korean Oil Industry: Challenge and Opportunity”, president Seo said that the three nations have been marginalized in the oil pricing mechanism so far regardless of the fact the nations have demonstrated whopping increase on the oil demand.
Mr Seo added that the South Korean oil industry face five dilemma, including the government regulation, petrochemical sector depression, cut-throat competition, environmental regulation and petrochemical production glut.

As part of fighting back the current industry malaise, president Seo suggested that South Korea, China and Japan share the same wavelength in effectively procuring oil resource.
Kyodo Fumiaki Watari, president of the Petroleum Association of Japan, said that the three-nation collaboration process is imminent and the nations should focus on coming up with ways to effectively secure energy, decrease the CO2 emission and pursue persistent economic development.

Source: Maekyung Internet Inc
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