Auckland, New Zealand – The petroleum sector of the Pacific Island countries and territories is an estimated USD 6 billion industry.
It remains a key driver of their economies and a major determinant of their energy security.
Recognising the need to enhance an understanding of the Pacific petroleum industry and the mechanics of the various factors that influence the prices of petroleum products, the Pacific Community (SPC) in collaboration with S & P Global Platts is conducting a week-long (20–24 March) regional petroleum industry workshop in Auckland, New Zealand.
S & P Global Platts is the lead provider of petroleum pricing data in the Asia-Pacific region.
Pacific Island countries and territories rely on Platts as an independent source of petroleum market data and benchmark prices for the verification of price submissions from petroleum companies.
The workshop will offer an opportunity to learn more about the use of the publications noting that a small error over millions of litres of fuel can be substantial loss to the consumers.
More importantly, it will provide an opportunity to discuss a more cost effective way of accessing these publications with possible fewer restrictions thereby allowing government authorities and major consumers like the power utilities to have direct access to these data and information for their fuel price setting, supply contract negotiations and verification purposes.
A repeat of SPC and Platts 2012 workshop which focused on pricing, this workshop has been expanded to emphasise safety and opportunities for collective regional actions in the petroleum sector. In terms of the latter, an example would be the chance for government officials and the industry to discuss opportunities for a transition to higher quality and cleaner fuels.
Subsidies on fossil fuels can be a barrier to the region’s renewable energy and energy efficiency effort, therefore phasing out subsidies on fossil fuel will be a topic for discussion.