JdV for development of natural gas in Asia
IN a bid to forestall the worsening oil crisis in Asia, 4th District Rep. Jose de Venecia Jr. recently endorsed the idea for the creation of an Integrated Asian Gas Market at the recent meeting of the Asian Parliamentary Assembly (APA).
He said the venture will lower the world demand for crude oil and will lead to lower prices.
The meeting agreed that natural gas has its benefits including non-emission of carbon dioxide into the atmosphere that aggravates climate change.
He also said that because of the soaring price of electricity, the revival of the mothballed Bataan Nuclear Plant has now become an option.
But he suggested that Filipino scientists, scholars and consultants from around ‘the world be mobilized to restudy the nuclear option since the prices of crude oil, coal, natural gas “are now getting out of hand.”
De Venecia said he also suggested to members of the Gulf Cooperation Council composed of Saudi Arabia, Qatar, United Arab Emirates, Bahrain, Kuwait and Oman three days ago to create a massive food production fund that could be loaned out to countries undertaking massive rice production at concessional interest
Such fund, he said, could utilize enormous oil profit for food production, especially for rice, wheat and fish.
He said the GCC member countries agreed in principle that Saudi Arabia provide the first 500 million dollars for such fund.–LM
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