New Delhi [India], July 2 (ANI): India and Japan have agreed to deepen cooperation on strategic oil reserves, energy transport and energy security as both countries seek to strengthen energy resilience amid the current geopolitical situation.
In a joint statement issued by the Ministry of Petroleum and Natural Gas of India and Japan’s Ministry of Economy, Trade and Industry following the India-Japan Joint Economic Forum, the two sides said they would work together as responsible powers and major energy-consuming countries in Asia to enhance energy resilience.
The statement follows a meeting between Prime Minister Narendra Modi and Japanese Prime Minister Sanae Takaichi in New Delhi on Thursday.
As part of the agreement, India and Japan will cooperate in the strategic stockpiling ecosystem by sharing knowledge and experience related to crude oil and petroleum product reserves.
The cooperation will focus on national stockpiling systems, including industry stockpiles, coordination with oil-producing countries, emergency response mechanisms and measures for market stabilisation.
The two countries also agreed to strengthen the voice of energy-consuming nations by addressing common challenges related to energy availability and affordability.
Under this initiative, both sides will cooperate on information sharing regarding global energy market trends, undertake joint efforts for market stabilisation, explore energy supplies from third countries and examine commercial investment opportunities in upstream energy projects in third countries.
Recognising the importance of secure energy transportation, India and Japan also agreed to explore collaboration across the maritime energy transport value chain, including potential joint investments to make the transport of oil and gas more resilient, self-reliant and efficient.
The joint statement also provides for greater institutional cooperation among key organisations from both countries.
On the Indian side, the cooperation will involve Indian National Oil Companies, Indian Strategic Petroleum Reserves Limited (ISPRL) and other relevant stakeholders. From Japan, institutions such as the Japan Organization for Metals and Energy Security (JOGMEC), the Japan Bank for International Cooperation (JBIC) and other relevant organisations will participate.
To take forward these initiatives, both countries decided to use the India-Japan Joint Working Group on Petroleum and Natural Gas under the India-Japan Energy Dialogue as the platform for discussions.
The two sides said the working group will facilitate the sharing of knowledge and experience while exploring mutually beneficial opportunities for cooperation across the energy sector, including technical and financial collaboration.
The joint statement also highlighted the importance of regional initiatives to strengthen energy resilience, including India’s efforts to support energy security in South Asia and Japan’s Partnership on Wide Energy and Resources Resilience (POWERR Asia). (ANI)
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