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International Energy Forum

Volume 478: debated on Monday 23 June 2008

To ask the Secretary of State for Business, Enterprise and Regulatory Reform what involvement the United Kingdom had in the International Energy Forum held in Rome in April. (211945)

The UK played a full part in the International Energy Forum (IEF) in Rome in April. It was involved in the preparations for the event in its role as a member of the executive board of the IEF Secretariat. Then I led the UK delegation to the forum itself, where I chaired one of the four main sessions of the event on the topic ‘Towards a Sustainable Energy Future’. I held bilateral discussions with other Energy Ministers and gave a number of media interviews.

We were very pleased with the outcome of the forum and its main conclusions which were:

To call on relevant organisations to explore the understanding of energy market fundamentals and the impact of financial markets;

To ask the IEF Secretariat to prepare a report focusing on actions to remove key uncertainty factors holding back energy investment;

To promote increased cooperation between international oil companies (IOCs), national oil companies (NOCs) and service companies

To encourage renewed technology transfer and collaboration between producing and consuming countries;

To reaffirm support for the Joint Oil Data Initiative (JODI) and the importance of increasing transparency in the oil market.