New Delhi, Oct 18: Union Minister of Petroleum and
Natural Gas and Skill Development and Entrepreneurship, Dharmendra Pradhan, has
said that the global LNG market is undergoing a major transformation driven by
new supplies which has created a situation of oversupply. Addressing a two day
LNG Producer- Consumer Conference from 17-18 October 2017 in Tokyo, he urged
the global LNG markets, in which producers and consumers of LNG have equal
stakes, to join hands to design flexible terms such as pricing review, flexible
take or pay, abolition of destination restriction clause in the LNG contracts.
Mr Pradhan stressed that these reforms are essential for developing a
transparent, efficient, truly global and balanced LNG market. The conference
organised by the Ministry of Economy, Trade and Industry of Japan (METI) and
the Asia Pacific Energy Research Centre (APERC) is a global annual dialogue
which provides participants a forum for sharing the latest trends in the global
LNG market and discussing opportunities and challenges with a view to
developing global LNG market. Mr Pradhan held a bilateral meeting with Minister
of Economy, Trade, and Industry of Japan Mr Hiroshige Seko. The two sides
discussed ongoing cooperation in the hydrocarbon sector between our companies
in India and abroad and explored ways to further enhance the engagement. They
also explored joint cooperation in the areas of LNG sourcing, swapping and
optimization of LNG sources and commercial exploitation of Methane Hydrates.
Minister Pradhan invited Minister Seko to attend the 16th International Energy
Forum (IEF) Ministerial meeting to be held in New Delhi during April next year.
Both Ministers signed a Memorandum of Cooperation (MoC) on establishing a liquid,
flexible and global LNG Market. The MoC 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. This would help
in promoting bilateral relationship between India and Japan in the LNG sector.
Mr Pradhan also met Minister of Health, Labour and Welfare of Japan Mr.
Katsunobu Kato and discussed issues of bilateral importance on promoting
cooperation in the skill sector. Both also signed a MoC on the "Technical
Intern Training Program (TITP). The TITP is an ambitious program to send Indian
technical interns to Japan for on the job training for a period of three to
five years. The MoC is expected to pave the way for bilateral cooperation
between the two countries in the area of skill development. India and Japan are
major consumers of energy in the world. In the LNG sector, Japan is the world's
largest importer and India is the 4th largest importer. Under the Japan-India
Energy Partnership Initiative signed in January 2016, the two sides had agreed
to work together in promoting well-functioning energy markets and affirmed to
promote a transparent and diversified Liquefied Natural Gas (LNG) market
through the relaxation of Destination Restriction Clause. UNI
Subscribe to:
Post Comments (Atom)
Post A Comment:
0 comments so far,add yours