Platts and McGraw-Hill executives anticipate uncertain economic footing for global and Asian energy marketplace
Singapore - October 20, 2008
Against a backdrop of uncertain global demand, volatile prices and fluctuating market sentiment, Platts and McGraw-Hill executives today addressed a Singapore audience of global energy representatives on a wide variety of topics critical to the global energy industry at the Sixth Annual Platts Top 250 Executive Summit.
Platts Global Director of Oil John Kingston; Standard & Poor's Vice President, Equity Research Lorraine Tan; and Platts Chief Asia Editor Vandana Hari led a roundtable discussion in conjunction with tonight's release of the Platts Top 250 Global Energy Company rankings.
Discussion topics included:
- the U.S. presidential election campaign and its effect on global energy policy
- the impact of fiscal and monetary stimuli on US and world markets
- trends in Asian energy markets
Kingston discussed the election season and what each presidential candidate brings to the table. "What it will all boil down to, for either administration, is a fundamental alteration of energy consumption habits, whether through pricing, or altered demand vis-à-vis 'breakthrough' technologies such as wind and solar power. Both candidates suggest unique strategies for balancing pricing, supply and demand."
Addressing the larger global economy, Standard & Poor's Tan outlined the likely effects of the recent and proposed US fiscal and monetary stimulus packages on the US and global markets. "The US recession is likely to be relatively mild, but will probably be long. And a deeper recession is possible if the financial markets remain strained, oil prices rebound and home prices continue to drop. And the extent of an Asian economic slowdown," said Tan, "has yet to unfold."
Platts' Hari talked about specific energy industry trends in Asia: "China and India are adding refining capacity -- more than three times this year's growth in global oil demand. Both countries are in a big growth spurt with new refinery projects and expansions underway. South Korea and Japan, faced with declining domestic demand, are nervously gearing up for stiff competition from India. According to our sources, the Japanese refining industry is entering a phase of 'rationalization' ... with mergers, acquisitions and even some plant closings likely."
The 2008 Platts Top 250 Global Energy Companies ranking will highlight not only Asia's increased economic contribution but also the region's expanding role in the energy sustainability dialogue. Singapore's Senior Minister of State for Trade and Industry S. Iswaran will offer the evening's keynote address.
For the complete Platts Top 250 Global Energy Companies list and additional information, visit: http://www.platts.com/top250/.