EU report: World's need for energy to increase 

(MENAFN - Kuwait News Agency (KUNA)) An economic report set by the European Union (EU) revealed Thursday that the world's need for natural gas would increase by 60 percent in the future, adding that the Mideast and African regions' demand for energy would go up by 2.9 percent despite having great amounts of water energy resources.

The report, which was made for the Intentional Energy Conference which kick-started in Sharm El-Shiekh, indicated that due to a study by the International Energy Agency (IEA), the world's need for energy between 2004-30 would increase over 50 percent.

It went on saying that the current conference would discuss energy cooperation among EU, Mideast, and Africa, the regions with the highest energy productivity and consumption in the world.

On Arab and EU cooperation, the report said that the union and the Gulf Cooperation Council (GCC) agreed on a suggestion to construct a specialized center for energy technology.

Regarding the development of oil and gas resources, the report affirmed that such development requires huge investments which would cover long term demands for oil, saying that an understanding must exist between consumers and producers.

The EU called in October 2006 for the establishment of the International Fund to Improve energy resources, it indicated, adding that using renewable energy resources would benefit development worldwide.

The fund would be backed up by the European Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD), and the World Bank.

Focusing on the Euro-Mediterranean region, the report said that the fund would continue the work done by EIB in 2002 through the launching of the Euro-Mediterranean Investments facilitating program with targets being the gas and electricity sectors in Egypt, Syria, and Jordan.