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India-China energy partnership favorable for Asia
(AFP)
Updated: 2005-10-03 09:06 However, the ADB cut its GDP forecast for Southeast Asia to 5.0 percent in
2005 due to poor harvests in the Philippines and Thailand, a cyclical downturn
in the global electronics sector and higher oil prices.
According to White, it is better to have New Delhi and Beijing working
together than competing, preventing "a competition for power and influence."
Last year, China overtook Japan as the world's second largest crude importer
after the United States. It relies on imports for about 3.7 million barrels per
day or 40 percent of its oil needs.
India was the world's fifth largest petroleum consumer in 2004 and imports
nearly 70 percent of its oil needs.
Last year, it consumed a little over two million barrels a day and a
government paper has forecast that by 2025, the figure will rise to 7.4 million
barrels a day.
While analysts agreed it was a wise move by China and India to work together
to source for energy supplies, they cautioned against any high expectations
because it's still early days.
"It will be unwise to assume that the cooperation will succeed or produce
substantive results," said White from the Australian National University.
David Ernsberger, Asian editorial director with energy information provider
Platts, said "Chinese companies are keen to bring oil and gas to China, while
Indian companies are keen to bring these products to India, and it will be
interesting to see how a quid pro quo is reached."
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