Britain seeks int'l energy cooperation

15:46, March 31, 2010      

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Britain is seeking closer international cooperation in energy markets, especially with China on clean coal technology, Britain's energy and climate change minister Phillip Hunt said on Tuesday.

"We are developing clean coal using carbon capture and storage, while China is also developing its renewable energy," Hunt told Xinhua, "We look forward to close cooperation between our two nations in this very important area."

Hunt also praised the International Energy Forum (IEF) for its Joint Oil Data Initiative, a project launched on Monday that provides production, storage and consumption data with one month's delay for 100 nations.

"As far as the oil market was concerned, the main issue we faced was volatility in oil price and the ensuing problems which lead to an uncertainty and often a lack of investment," he said.

"One way to get closer dialogue is much greater transparency about supply, stocks and investment plans," he said. "The more we know the more likely we will get investment and stability in price."

In addition, Hunt said enough investment is very important as the world comes out of recession with demand rising.

"If there is not enough investment in the oil and gas sector the risk is that prices will go high," Hunt said. "Volatility in prices will disrupt the economic growth."

Hunt is attending the world's biggest energy sector forum IEF which began on Tuesday in Cancun, a resort town on Mexico's Caribbean coast.

A total of 64 nations are taking part in the two-day forum, most of them represented by energy or oil ministers. Also present are representatives from 16 major international organizations.

Source: Xinhua

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