India and China should follow the path of cooperation and not confrontation in their quest for overseas energy sources and work towards establishment of an 'Asian Energy Agency' for better synergy among oil importers in the continent, Union Panchayati Raj Minister Mani Shankar Aiyar said on Thursday.
"Almost everywhere in the world where an Indian goes in quest of energy, chances are that he will run into a Chinese engaged in the same hunt. The aggressive bidding by either party results only in pushing up of the price of the asset and acts to the disadvantage of both the bidders," he said at a seminar in New Delhi.
Delivering a lecture on the topic 'India and China in Asia's Quest for Energy Security,' the former petroleum minister said India looks upon China 'not as a strategic competitor but as a strategic partner' in the energy sector.
Stating that India was willing to cooperate with China in setting up a forum that would be the 'Asian counterpart' to the International Energy Agency, he said such a body should function in the co-operative spirit of the 'Five Principles of Peaceful Co-existence'.
Aiyar said the 'Asian Energy Agency' would help energy importers like India, China, Japan and the Republic of Korea to get together from time to time to discuss common issues.
"But the aim is not, and should not be, to put up an OPIC -- the Organisation of Petroleum Importing Countries-- against OPEC -- the Organisation of Petroleum Exporting Countries.
"It is not by dividing Asia between buyers and sellers (of oil and natural gas) but by bringing buyers and sellers together on a common platform that the way ahead lies," he said.
Aiyar said India had made a 'modest beginning' in this regard by hosting a Round Table interaction of ministerial representatives of key Asian energy consumers with principal West and South-east Asian oil and gas exporting countries, in January last year.
"The next informal interaction of the participants will be held during the forthcoming Ministerial Meeting of the International Energy Forum in Doha this month," he said.
This will be followed later in the year by a second Round Table hosted by Saudi Arabia and Japan, he said.
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