India, Japan to join hands for LNG import

The two sides discussed ongoing cooperation in the hydrocarbon sector between companies in India and abroad and explored ways to further enhance the engagement

India and Japan on Wednesday agreed to explore joint cooperation in the areas of sourcing, swapping and optimisation of liquefied natural gas sources in the global market and commercial exploitation of methane hydrates.

In a bilateral meeting held in Tokyo on Wednesday, Petroleum Minister Dharmendra Pradhan and Hiroshige Seko, Minister of Economy, Trade, and Industry of Japan, signed a memorandum of cooperation on establishing a liquid, flexible and global LNG Market. India is the fourth largest importer of LNG in the world.

“The MoC provides a framework to cooperate in facilitating flexibility in LNG contracts, the abolition of Destination Restriction