South-east Asia needs $2.13 trillion in energy investment, says energy agency
KUALA LUMPUR (AP) - The International Energy Agency (IEA) says South-east Asia will need US$1.7 trillion (S$2.13 trillion) in energy investments over the next two decades to cope with a surge in demand and counter growing reliance on oil imports.
It said on Wednesday that the region's energy usage was still low, at half of the global average, but demand is likely to increase by more than 80 per cent through 2035.
An IEA report projects South-east Asia's oil imports to rise to just over five million barrels a day by 2035, making it the world's fourth-largest oil importer.
It warned that heavy dependence on oil imports could see the region more vulnerable to potential supply disruptions, and estimated that US$1.7 trillion in investment is required to boost energy security.