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Pradhan to visit Japan for LNG meet, ink cooperation on gas
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SME Times News Bureau | 16 Oct, 2017
Petroleum Minister Dharmendra Pradhan will leave on Monday for a
three-day visit to Japan where he will also sign an agreement with the
island nation to cooperate in jointly developing a "liquid and flexible
global LNG market" sharing technical knowhow in the area, an official
said on Sunday.
"The visit is important to enhance the bilateral
engagements in the oil and gas sectors within the overall framework of
India-Japan Energy Dialogue," said a Petroleum Ministry statement here.
The
Indian minister's visit will also serve as a follow-up to Japanese
Prime Minister Shinzo Abe's visit to India in September, it said.
Pradhan
will be in Japan from October 16-18 also to participate in the 6th
Annual LNG (liquefied natural gas) Producers Consumer Conference, it
added.
"The visit also aims to enhance cooperation in
establishing a transparent, efficient, truly global and balanced LNG
market," it said.
"The conference provides the right opportunity
to brief on the Indian gas sector and the recent policy reforms with the
opportunities available for investment to the Ministers and leaders of
global gas industry," it added.
Pradhan will deliver the keynote
address at the Ministerial Session on "Developing LNG Market in Asia -
Government Perspectives".
Energy Ministers from Qatar, Nigeria,
Bangladesh and Japan besides leading hydrocarbon experts are scheduled
to take part in the LNG conference.
Pradhan will also meet
Japan's Minister of Economy, Trade and Industry Hiroshige Seko to
discuss bilateral engagement in the hydrocarbon sector, the statement
said.
Earlier this week, in yet another move to boost natural
gas use in India, the Union Cabinet here approved signing of an
agreement with Japan towards joint development of a liquid and flexible
LNG market and sharing technical knowhow in the area.
"The
Memorandum of Cooperation (MoC) between India and Japan provides a
framework to cooperate in facilitating flexibility in LNG contracts,
abolition of Destination Restriction Clause and also explore
possibilities of cooperation in establishing reliable LNG spot price
indices reflecting true LNG demand and supply," a Petroleum Ministry
release said.
Briefing reporters here after the cabinet meeting,
Pradhan said the MoC would have a "shopping clause" that would allow
the parties to swap supply contracts in order to save on transporting
liquefied natural gas (LNG) from overseas.
"For example, we have
some gas booked from Australia and Japan has an import contract with
Ras Gas of Qatar... this MoC will have a shopping clause whereby we can
arrange for Japan to import from Australia, which is nearer, while India
gets that gas from Qatar," he said.
"The agreement also
provides for sharing knowledge on LNG technology between India and
Japan, which is the world's largest importer of this clean fuel," he
added.
"The MoC will promote the bilateral relationship between
India and Japan in the energy sector and will contribute to the
diversification of gas supplies for India," the statement said.
During
his visit, Pradhan will also meet representatives of Japanese
companies, including Osaka Gas, Mitsui OSK Lines (MOL), Japex, and JERA
for exploring areas of further engagement with the Indian companies, it
added.
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