July 8, 2008

G8 Proposes Increasing Oil Extraction, Refining Capacities

TOYAKO. July 8 (Interfax) - The Group of Eight leaders have voiced a recommendation to countries extracting hydrocarbons to increase production and refining capacities.

The G8 adopted a final declaration which expresses serious concern about a sharp rise in oil prices, saying that it is a threat to the world economy.

The Group of Eight therefore proposed increasing extraction and refining in the short-term, and making joint efforts to expand investment in the prospecting, extraction, refining and sales of hydrocarbons in the medium-term perspective.

Oil-producing countries should create a transparent and stable investment climate, beneficial for expanding extraction capacities, the declaration says.

In order to strengthen energy security, the G8 leaders proposed convening an energy forum to center on energy efficiency and new technologies.

A forum like this could contribute to the dialogue between energy producers and consumers, the declaration says.

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