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June 11, 2008 17:19 IST
Last Updated: June 11, 2008 18:37 IST
With the skyrocketing oil prices heavily weighing on his mind, Prime Minister Manmohan Singh said on Wednesday that the quest for access to oil resources will become a major factor of power play in the world and the Chinese have moved far ahead.
"The world is not able to grapple with the crises that it faces... The demand is increasing faster than ever before
and the quest for access to the oil resources is going to become another major factor of power play in the world," he said addressing the IFS probationers in New Delhi.
Singh said the Chinese have been going around the world in Africa, in Latin America, investing, exploring and developing the natural resources for increased oil production.
"This tension will increase in the years to come. So the quest for sensitive natural resources, oil security, energy security will emerge as a major source of interplay of forces in the evolving world economy," the Prime Minister said.
Singh said India has to recognise that there would be increasing competition from China and those who were well entrenched in the energy sector.
"So, therefore, tensions will be part of the evolving world systems and how we handle our problems, how we project our national interests, will be a crucial determinant of our capacity to be successful in the race for development," Singh
added.
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