Greg Rickford, Canada’s Minister of Natural Resources and Shri Dharmendra Pradhan, India’s Minister of State Petroleum and Natural Gas met at the second India/Canada Ministerial Energy Dialogue. At the meeting, they highlighted Canada and India’s growing energy partnership, by strengthening government to government and business to business relationships, to help create jobs and long term economic prosperity for both countries.
As Canada is a secure, reliable and responsible producer and supplier of energy to the world it has the resources and expertise that are needed to support India’s growing energy needs. In 2012, India was the fourth largest energy consumer in the world and recent International Monetary Fund (IMF) studies have indicated that India is expected to be the fastest growing economy during 2014 – 2025. Also, according to the IMF’s World Energy Outlook 2014, India’s oil demand growth between 2013 and 2040 will be the highest in the world.
- In 2009, India received Canadian oil for the first time and in 2014, India received over 1500 bpd of Canadian crude.
- Signed Expression of Intent in 2013 to collaborate between Alberta Petroleum Marketing Commission and Indian Oil Corporation Ltd.
- In March 2014, Indian Oil Corporation Ltd acquired 10% participating interest in integrated LNG project, Pacific Northwest LNG proposed at Lelu Island, British Colombia.
- On April 15, 2015, Canada welcomed the announcement of a contract to supply over 7 million lb of uranium to India over the next five years for the generation of electricity.
In the future, Canada has the potential to supply a significant amount of the 44 billion m3 of natural gas that India is forecasted to import annually by 2025. Two Indian companies are currently invested in projects in Canada being proposed by Pacific NorthWest LNG and AC LNG. Also, the Ministers discussed the opportunities to increase Indian participation in mining and oilsands activities, to grow Canadian investments in India’s energy infrastructure and further technical collaboration in the areas of clean energy technologies, including solar, wind, power transmission and CCS. Canada and India are also going to work together to enhance skill development and share knowledge through university collaboration to accelerate the adoption of clean energy technologies.
Greg Rickford, Canada’s Minister of Natural Resources, “Canada’s growing energy relationship with India is helping create jobs and long term prosperity for both of our countries. We stand ready to expand our strategic partnership through greater cooperation based on our complementarity of energy interests.”
Shri Dharmendra Pradhan, India’s Minister of State (Independent Charge) Petroleum and Natural Gas, “India and Canada share common values and ideals and believe in long term sustained partnerships. Our Energy Cooperation is steadily growing but the potential is much higher, let’s convert the potential into reality.”
Edited from press release by Claira Lloyd