ADVERTISEMENT

Cabinet nod for MoC between India, Japan on establishing a liquid, flexible and global LNG market

ADVERTISEMENT
The Union Cabinet yesterday approved the signing of a memorandum of cooperation (MoC) between India and Japan on establishing a liquid, flexible and global liquefied natural gas (LNG) market.
 
An official press release said the MoC would promote bilateral relationship between India and Japan in the energy sector and contribute to the diversification of gas supplies for India. 
 
"This will strengthen our energy security and lead to more competitive prices for consumers," it said.
 
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, the release said.
 
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 LNG market through the relaxation of Destination Restriction Clause.
 
NNN
 
ADVERTISEMENT
 

Comments

Post new comment

The content of this field is kept private and will not be shown publicly.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <code> <ul> <ol> <li> <dl> <dt> <dd> <canvas>
  • Lines and paragraphs break automatically.

More information about formatting options

© Copyright 2012 NetIndian. All rights reserved. Republication or redistribution of NetIndian content, including by framing or similar means, is expressly prohibited without the prior written consent of NetIndian Media Corporation. Write to info[AT]netindian[DOT]in for permission to use content. Read detailed Terms of Use.