India and Japan agree to promote energy cooperation

Sep 30, 2005 02:00 AM

India and Japan agreed to promote joint oil and gas exploration ventures in third countries, besides enhancing bilateral cooperation with regard to energy conservation, strategic crude reserves and undertake joint research to develop an Asian oil market.
The two energy-hungry countries decided to work on a Plan of Action, which would include encouraging Japanese companies to invest in India and explore possibility of an MoU between India's Oil Natural Gas Corporation Videsh Ltd and Japan Oil Gas and Metals National Cooperation (JOGMEC).

India's visiting Petroleum Minister Mani Shankar Aiyar and Japan's Minister for Economy, Trade and Industry Shoichi Nakagawa in a joint statement expressed their determination to pursue the Plan of Action for deepening bilateral cooperation in the crucial hydrocarbons sector.
India and Japan, among the world's largest energy consumers, would also promote cooperation in heavy oils and coordinate research in gas hydrates, the joint statement released after the meeting between the ministers said.

The action plan includes encouraging Japanese companies with help from JOGMEC to develop exploration and production opportunities in India, exchange information and experience on commercial and strategic crude oil reserves, promoting India-Japan ventures in Canada, Australia, West Asia, West and Central Africa and Russia (including Sakhalin).
The Action Plan envisages undertaking joint research and study between a Japanese organisation and Indian organisations such as The Energy Research Institute on developing an Asian crude oil and petroleum products market and measures to stabilise the Asian oil market, the statement said.

Emphasising the importance of energy security as a crucial component of international peace, the two ministers directed their officials to work together to pursue the interests of both countries and for success of the International Energy Forum Ministerial Conference to be held in Doha, Qatar in April 2006.
The two sides also noted the importance of flexibility in contractual obligations pertaining to quantity and price of liquefied natural gas, the statement said.

Aiyar invited Nakagawa to consider investment in export-oriented refineries as well as petrochemicals project at Haldia in India. He also invited the Japanese Minister to attend the Round Table of North and Central Asian Oil Producing countries and major Asian oil-consuming nations, which would be held in New Delhi on Nov 25.
Recalling the visit of Japanese Prime Minister Junichiro Koizumi to India in April this year, the two ministers also stressed on implementing the recommendations of the Working Group on cooperation in oil and gas and agreed that the Group would meet at least twice next year to give a further boost to energy cooperation.

Source: Bernama
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