The Ministry of Petroleum and Natural Gas (MoPNG) and the Ministry of Economy, Trade and Industry of Japan will cooperate in the development of a strategic petroleum reserve ecosystem and joint investments across the maritime energy transport value chain.
The agreement resulted from the meeting between Prime Minister Narendra Modi and Takaichi Sanae, Prime Minister of Japan held in New Delhi on July 2.
The two sides highlighted the importance of regional initiatives to strengthen energy resilience, such as India’s support for energy security in South Asia and Japan’s Partnership On Wide Energy and Resources Resilience (POWERR Asia).
The two sides will focus on cooperation for strategic stockpiling ecosystem,coordination regarding arrangements with producing countries, and emergency response and market stabilisation.
Furthermore, the two sides also agreed for discussions for the India-Japan Joint Working Group on Petroleum and Natural Gas under the aegis of the India-Japan Energy Dialogue.
The ministry highlighted that “Through this platform, the two sides will share up-to-date knowledge and experience and explore mutually beneficial opportunities for cooperation.”
