India’s minister of petroleum & natural gas, Dharmendra Pradhan is set to discuss LNG cooperation with Japan during his visit over the coming days.
Pradhan’s visit is a follow up of the visit of Japan’s prime minister Shinzo Abe to India in September 2017.
The visit aims to enhance the bilateral engagements in the oil and gas sectors, and to enhance cooperation in establishing a transparent, efficient, truly global and balanced LNG market, ministry’s statement reads.
During his visit, Pradhan will meet with his Japanese counterpart minister of economy, trade, and industry, Hiroshige Seko to discuss issues of bilateral engagement in the hydrocarbon sector.
A memorandum of cooperation (MoC) is scheduled for signing on “establishing a liquid, flexible and global LNG market” between India and Japan, the statement reads.
The MoC will provide a framework for bilateral cooperate in facilitating flexibility in LNG contracts, the abolition of destination restriction clause and also explore possibilities of cooperation in establishing reliable LNG spot price indices reflecting true LNG demand and supply.
Pradhan will also be meeting with representatives of Japanese companies, including Osaka Gas, Mitsui OSK Lines (MOL), Japex, and JERA for exploring areas of further engagement with the Indian companies.