Asia to be largest energy market - Malaysia PM

11 June 2007 04:03  [Source: ICIS news]

KUALA LUMPUR (ICIS news)--Asia is expected to overtake north America as the single largest market for energy by 2015 as the region now accounts for an increasingly bigger global demand share, Malaysia's Prime Minister said on Monday.

"Asia is expected to sustain a growth rate of 5.2% through 2030, more than twice the average rate for the world over the same period," Abdullah Ahmad Badawi said at the opening of the two-day Asia Oil & Gas Conference.

Asia, led by China and India, will play a prominent role in fuelling this expansion, he said.

China, now the world's second largest consumer of energy, has set the trend and the pattern is poised to intensify throughout Asia.

In Asia, total investment of about US$7.8 trillion will be required in key energy infrastructure up until 2030, Abdullah said.

"This translates into new annual investment of about $300 billion and will required greater collaboration from Asian national oil companies and multinational companies," he said.

Much of Asia's oil and gas supply will continue to flow from politically-volatile areas such as west Asia- which accounts for two-thirds of global reserves.

By: Nurul Darni
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