Oil Minister Dharmendra Pradhan will visit Japan, starting tomorrow, to strengthen cooperation between the world's biggest buyers of LNG in order to make import deals more affordable by leveraging their buying power and secure better prices.
Pradhan will visit Japan from October 16-18 to participate in the 6th Annual LNG Producers Consumer Conference, an official statement said.
It will also serve as a follow-up to Japanese Prime Minister Shinzo Abe's visit to India in September.
"The visit is important to enhance the bilateral engagements in the oil and gas sectors within the overall framework of India-Japan Energy Dialogue.
"The visit also aims to enhance cooperation in establishing a transparent, efficient, truly global and balanced LNG market," it said.
The LNG Producer-Consumer Conference is a global annual dialogue to promote active dialogue among LNG producers, consumers and other stakeholders with a view to deepening shared understandings of market trends and to develop a global LNG market.
"The conference provides the right opportunity to brief on the Indian gas sector and the recent policy reforms with the opportunities available for investment to the Ministers and leaders of global gas industry, it said.
Pradhan will deliver a key note speech at the Ministerial Session on 'Developing LNG Market in Asia Government Perspectives'.
Energy Ministers from Qatar, Nigeria, Bangladesh, Japan and other leading hydrocarbon experts are scheduled to participate in the Conference.
During his visit, Pradhan will also 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 MoC will provide a framework for bilateral 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 statement said.
Pradhan will also meet representatives of Japanese Companies, including Osaka Gas, Mitsui OSK Lines (MOL), Japex, and JERA for exploring areas of further engagement with the Indian companies.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)