The foundations for an Asian oil and gas grid

Stung by the rising international price of oil and domestic shortages coupled with high requirements of a growing economy, India has revived a plan for an oil and gas grid for the Asian continent.

The grid is part of a two-fold strategy by the two top Asian oil guzzlers, China and India, to ensure reliable delivery networks and energy security. The other element involves acquiring stakes in production and exploration projects for which New Delhi and Beijing continue to cooperate as well as compete.

Reiterating India’s resolve, he said producers and consumers could jointly invest in infrastructure to gain energy security for the region. “We can together invest in exploration, production, transportation, shipbuilding and shipping, in ports and terminals. We can together build refineries and gas-processing plants and power-generation stations and petrochemical units; in short, we can together take on the world. That would be true energy security.” ,/p>

South Korea, Asia’s fourth-largest oil consumer, has backed India’s efforts to create an Asian oil and gas order by setting up an inter-state oil and gas-transportation system.

Asia Times