India to forge partnership with Japan for flexible LNG market

The union cabinet has granted approval to sign a string of MoUs including one Memorandum of Cooperation (MoC) with Japan for liquefied natural gas that would enable establishing a liquid, flexible and global LNG market.

Dharmendra Pradhan, Minister for Petroleum, Natural Gas and Skill Development, told reporters: “The MoC provides a framework to cooperate in facilitating flexibility in LNG contracts, abolition of destination clause and in exploring possibilities of cooperation in establishing reliable spot price indices reflecting true LNG demand and supply.”

He further said, “This will open the opportunity for technical and knowledge base sharing with Japan in LNG. Currently, India has an agreement with Australia for natural gas, while Japan has one with Qatar. Through this agreement, we can explore options such as swapping cargoes from these sources.”

Pradhan added that India and Japan will sign MoC for a Technical Intern Training Program. “Under the MoU, India will send one lakh people to be trained in Japan over the next three years. Each will have a three- to five-year work term, and there will be nearly 50,000 job opportunities created there,” he stated.

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