Upon an invitation from the Kingdom of Saudi Arabia, ministers in charge of energy affairs from 17 Asian countries met in Riyadh on May 2, 2007 for the second Asian Ministerial Energy Roundtable.
The participating countries and organizations recognize the growing importance of Asia in both global economy and the global energy market particularly in terms of oil and gas.
They also recognize that with Asia's continued economic growth, increasing levels of income, and greater prosperity, the continent's demand for all types of energy is set to increase during the coming decades. They further recognize that there are plenty of energy resources to be explored throughout the continent, which is capable of meeting future Asian and global energy needs.
Recognizing also the increasing importance of bringing Asian dimensions to bear on efforts to the deepen their global dialogue in the International Energy Forum, in particular at the 11th IEF ministerial conference that Italy will host in April 2008, the participants to the roundtable:
1. Call for greater cooperation and coordination among and between Asian energy exporters and importers within the bilateral, regional and global context, and encourage the participation of international bodies such as the International Energy Agency, the International Energy Forum, and the Organization Of Petroleum Exporting Countries in the promotion of the dialogue and cooperation.
2. Continue to work for the stability and predictability of the energy market, and encourage maintaining spare capacity of both producers and consumers and in the whole energy value chain: upstream, midstream and downstream.
3. Encourage improvements in energy efficiency by both exporting and importing countries through such measures as setting individual goals and/or action plans voluntarily on an overall and/or sectoral basis and sharing best practices.
4. Promote investments in all segments of energy value chain between and among Asian countries, and support cross-national investment in different energy sectors according to each country's needs and in accordance with acceptable commercial practices.
5. Work toward open, competitive and transparent oil and gas markets, in order to reduce uncertainty and volatility in these markets.
6. Recognize that free and economically based global markets should be the basis for different energy sources and will work to maintain such markets in the interest of increased stability and transparency.
7. Encourage international and regional trade of energy products and services and enhance regional cooperation for security of energy transport routes.
8. Endeavor to insulate energy markets from unwarranted political influences wherever they may occur.
9. Support technological solutions to various issues facing the energy industry, including those related to environmental protection and climate change such as carbon capturing and sequestration.
10. Encourage the flow of information, bilateral and multilateral of exchanges and the development of energy research networks within Asia and Joint Oil Data Initiative (JODI), coordinated by the Secretariat of the International Energy Forum, the international level.