SINGAPORE (XFN-ASIA) - The following is the text of the statement issued by the Group of Seven finance ministers and central bank governors after their meetings here:
Full Text
Below is a segment from the official text.
We are of the view that high energy prices reflect both rising demand from strong global expansion and concerns about current and future supplies, though the prices have eased recently. In addition to promoting greater transparency and reliability in energy market data, including through development of a global common standard for reporting oil reserves, we thus encourage investment in exploration, production, transportation and refinery capacity.
At the same time we call for renewed efforts by consumers towards energy efficiency, conservation and diversification, and continued dialogue between the consumers and the producers. We stand ready to provide, in co-operation with the IFIs, technical assistance for this purpose to emerging economies and developing countries, and welcome the work on the Clean Energy Investment Framework.
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I have highlighted the words refinery capacity as it relates to this province and our desire to get in on this action.
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