Sydney (Platts)--16Nov2012/356 am EST/856 GMT
Australia and the US said Friday they will hold ongoing talks on energy supply and security in the first half of 2013. Australian Resources and Energy Minister Martin Ferguson and US Secretary of State Hillary Rodham Clinton met in Adelaide Thursday for talks on the importance of global and regional governance architecture in supporting the reliability and security of competitively priced supply for resource and energy importers, and on creating a framework for the participation of emerging economies. "They concluded that such architecture was crucial to maintaining economic stability and growth in the Asia Pacific region, and emphasized their common view that open and transparent markets are instrumental to the delivery of the investment needed to ensure resources and energy supply security," according to a joint statement. "Discussions between the Australian Department of Resources, Energy and Tourism and the US Department of State in 2013 will also focus on strengthening our commitment to open and transparent energy and resource markets in multi-national fora such as the G20, IEA, WTO, APEC, East Asia Summit and the Trans-Pacific Partnership, and through initiatives such as the multi-stakeholder Extractive Industries Transparency Initiative, which encourages country and company reporting on transactions between companies and government for extracting natural resources," the two officials said in the joint statement.Article continues below...Request a free trial of: Power in AsiaPower in Asia is a fortnightly newsletter that provides incisive comment and analysis on the policies and projects that shape the electricity market in Asia. You will receive information on corporate activity and performance, utility strategy and trends plus country-by-country news, market commentary, statistics and results.
Australia and the US said Friday they will hold ongoing talks on energy supply and security in the first half of 2013. Australian Resources and Energy Minister Martin Ferguson and US Secretary of State Hillary Rodham Clinton met in Adelaide Thursday for talks on the importance of global and regional governance architecture in supporting the reliability and security of competitively priced supply for resource and energy importers, and on creating a framework for the participation of emerging economies. "They concluded that such architecture was crucial to maintaining economic stability and growth in the Asia Pacific region, and emphasized their common view that open and transparent markets are instrumental to the delivery of the investment needed to ensure resources and energy supply security," according to a joint statement. "Discussions between the Australian Department of Resources, Energy and Tourism and the US Department of State in 2013 will also focus on strengthening our commitment to open and transparent energy and resource markets in multi-national fora such as the G20, IEA, WTO, APEC, East Asia Summit and the Trans-Pacific Partnership, and through initiatives such as the multi-stakeholder Extractive Industries Transparency Initiative, which encourages country and company reporting on transactions between companies and government for extracting natural resources," the two officials said in the joint statement.
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Power in Asia is a fortnightly newsletter that provides incisive comment and analysis on the policies and projects that shape the electricity market in Asia. You will receive information on corporate activity and performance, utility strategy and trends plus country-by-country news, market commentary, statistics and results.
Australia is a major energy supplier to the Asia Pacific region, and that security is helping underpin the growth of many countries in the region, especially the major economies of China, India, South Korea and Japan. The US is the largest source of foreign capital in Australia, with cumulative investments estimated at over A$550 billion ($568 billion) in 2011.--Christine Forster, christine_forster@platts.com --Edited by Wendy Wells, wendy_wells@platts.com
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