India, Japan Finalise LNG Co-operation Deal

Lester Mason
October 19, 2017

This meeting also led to the technical skills strengthening of the Indian Workforce by sending few of the Indian workforce overseas to impart them some training on the LNG for a period of three to five years.

Union Minister of Petroleum and Natural Gas Dharmendra Pradhan on Wednesday, while addressing the 6th Liquefied Natural Gas (LNG) Producer-Consumer Conference in Tokyo, stressed upon developing a transparent, flexible, competitive market for LNG.

India and Japan have finalised an agreement October 18 to co-operate in jointly developing what Indian oil minister Dharmendra Pradhan has called "a liquid, flexible and global LNG market".

"The global LNG market is undergoing a major transformation driven by new supplies, which has created a situation of oversupply", a government released quoted the minister as saying.

Pradhan, in the conference, asked the industry to work for removing restrictions like destination clause, pricing indexation of LNG, which will help the Indian gas sector in a big way.

Japan will utilize public organizations, including the Japan Bank for International Cooperation and Nippon Export and Investment Insurance, as well as investments by private companies, to facilitate projects to build LNG-fired thermal power plants, LNG terminals for ships and other related facilities. The conference that is organized by the Ministry of Economy, Trade and Industry of Japan and Asia Pacific Energy Research Centre (APERC) provides a platform for the countries of the world to exchange ideas and opinion that will help to discuss the latest trends and to diversify the opportunities that can be availed from the LNG market. In the LNG sector, Japan is the world's largest importer and India the fourth-largest.

The union minister also held bilateral meeting with Japanese Energy counterpart Hiroshige Seko and agreed to work together on several areas like LNG and Gas Hydrate.

Other reports by Iphone Fresh

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