Kuwaiti oil minister arrives in Seoul for Asian energy meeting

Kuwaiti Deputy Prime Minister and Minister of Oil Mustafa Al-Shimali arrived in Seoul on Wednesday to attend a ministerial meeting of Asia's major oil-producing and consuming economies. Ministers and high-ranking officials in charge of energy resources from 21 countries and three international organizations are set to gather on Thursday as part of their efforts to build sustainable energy cooperation between energy producers and consumers in the Asian continent, which would account for around 75 percent of the world's incremental demand growth for energy over the next 20 years. Al-Shimali is scheduled to deliver a speech at the regional meeting, and hold a series of talks with other Asian energy leaders on the sidelines. High on the agenda at the Fifth Asian Ministerial Energy Roundtable Meeting is energy demand and supply outlooks in Asia, strategic petroleum reserve in Asia and its impact on the global oil market, and enhanced cooperation in the Asian oil trade market. The energy leaders are also expected to discuss gas pricing mechanism and renewable energy and energy efficiency in the region, as well as the ways to promote technological cooperation and joint research and exchange of skilled professionals. According to energy giants BP, the Asia Pacific countries import about half of their oil from the Middle East, and around 75 percent of the Middle East's oil exports, or 20 million barrels per day, are destined to Asia Pacific. Last year, more than 40 percent of China's oil imports came from the Middle East, while Japan and South Korea met 75 and 70 percent of their respective demand through imports from the Middle East, it said. Participants in the Seoul talks, co-hosted by South Korea and Qatar, will include Saudi Arabia, Bahrain, Iraq, Oman, the United Arab Emirates, Iran, Turkey, Brunei, Indonesia, China, India, Japan, Malaysia, Pakistan, the Philippines, Singapore, Thailand and Vietnam. Heads of the Organization of Petroleum Exporting Countries (OPEC), the International Energy Agency and the International Energy Forum will also take part in the biennial gathering. Upon arrival at Seoul's airport, Al-Shimali was received by Charge d'affaires at the Kuwaiti Embassy in South Korea Abdulrahman Al-Shehab and other diplomats.