Petroleum and other energy experts will meet in
A key Pacific Plan initiative, it is aimed at consolidating the purchasing of petroleum by Pacific Island Countries in an effort to offset the damage to local economies by higher global oil prices which continue to affect Pacific economies at both macro- and micro levels.
“For the region’s countries with little or no export based manufacturing and in particular, its smaller island states, the impact is devastating with reductions in gross national income of between 4% and 14% for every US$10 per barrel increase in fuel prices,” says
The question of energy supply and energy security is all the more tenuous with the continuing divestment of multinational oil supplier operations from the Pacific, the exit of which has forced many national governments in the region to utilise scarce resources to mitigate short falls in supply and maintain costly infrastructure.
Among issues under consideration in
For more information contact, Mr