Economic recovery fueled by energy

Nov. 16, 2009 at 1:16 PM

SINGAPORE, Nov. 16 (UPI) -- World leaders need to advance policies that advocate investment in alternative and reliable energy supplies to encourage economic development, executives said.

Rex Tillerson, chairman and chief executive officer at Exxon Mobil Corp., said at an Asia-Pacific Economic Cooperation summit that resolving energy problems relies in part on policies that encourage investments in affordable and reliable energy supplies.

"The energy policies we establish today will affect economic growth today and for decades to come," he said. "With the right principles guiding energy policy, the progress we have seen in Asia-Pacific can continue, and this in turn will help drive global economic recovery."

He added that addressing the various energy challenges meant understanding the size and scope of the energy sector and how that translates to the investments needed to encourage sustainable growth.

"Exxon Mobil is committed to disciplined and long-term investments in technologies that hold the promise of meeting the energy challenge here in the Asia-Pacific region and beyond," he said.

Exxon Mobil is active in refining and chemical manufacturing the Asia-Pacific region. In addition, the company is working on a massive liquefied natural gas project in Australia and Papua New Guinea.

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