Kuwait underlines energy cooperation with Japan 

(MENAFN - Kuwait News Agency (KUNA)) Kuwaiti Oil Minister Sheikh Ahmad Al-Abdullah Al-Sabah said on Sunday his country highly values bilateral cooperation with Japan in the oil sector and seeks closer ties in a wide range of fields.

"I am pleased with the current levels of bilateral energy cooperation, given that Japan is our biggest oil buyer with accounting for 20 percent of total crude exports," the minister told the Kuwait News Agency (KUNA) here prior to attending a meeting of Asian oil producers and consumers.

"I also hope bilateral cooperation will be no longer limited in the hydro-carbon sector but also across a broad range of areas, such as energy efficiency measures and environmental protection," Sheikh Ahmad said. The minister, who arrived in Tokyo on Thursday, has held a series of talks with heads of Japanese oil companies to exchange views on their future cooperation amid the world's second-biggest economy is facing severe recession.

Ministers or high-ranking officials in charge of energy resources from 21 countries and three international organizations are set to discuss energy-related issues in the Asian region, which accounts for 40 percent of total world energy demand. High on the agenda at the one-day gathering are collective efforts for improving investment climate, stabilizing oil prices and improving market ransparency, according to Japan's trade ministry.

Sheikh Ahmad stressed the importance of Tokyo meeting, saying, "Having such dialogue between Asia's resource producers and consumers is very meaningful in order to adopt cooperative methods and learn concerns of both sides." The 3rd Asian Ministerial Energy Roundtable Meeting comes as crude oil prices have fallen to around USD 51 per barrel, a nearly 65 percent plunge from a record of USD 147 last July as the global recession dampens demand for the fuel, spurring cutbacks in oil and gas exploration investments. There is growing concern among governments of both oil producers and consumers over a future supply crunch if recovery of the world economy induces demand growth.

The energy leaders are also expected to discuss ways of possible governmental measures in promoting human capital interaction, including human resource development in energy fields and sharing examples of cutting-edge projects.

Participants in the gathering, co-chaired by Japanese Economy, Trade and Industry Minister Toshihiro Nikai and Qatari Oil Minister Abdullah bin Hamad al-Attiyah, will also include Bahrain, Iraq, Oman, the United Arab Emirates, Iran, Turkey, Brunei, Indonesia, China, India, South Korea, Thailand, Malaysia, Pakistan, the Philippines, Singapore, South Korea, Thailand and Vietnam. In addition to Organization of Petroleum Exporting Countries (OPEC), representatives of International Energy Agency and International Energy Forum will also take part in the meeting.