Canada and India Highlight Growing Energy Relationship
The Minister of State (I/C) Petroleum and Natural Gas Shri Dharmendra Pradhan met Mr. Greg Rickford, Minister of Natural Resources of Canada, in Calgary, Alberta, Canada on 5th July for the 2nd India-Canada Ministerial Energy Dialogue to discuss enhancing energy cooperation between the two countries in the areas of oil, natural gas, clean energy, power transmission and skill development.
Speaking on the occasion, Shri Pradhan said “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.”
Speaking on the occasion, Mr. Rickford said “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.”
Both the Ministers highlighted Canada and India’s growing energy partnership, by strengthening government and business relationships, to help create jobs and long-term economic prosperity for both countries.
Canada is a secure, reliable and responsible producer and supplier of energy to the world and has the resources and expertise needed to support India’s growing energy needs. In 2012, India was the fourth-largest energy consumer in the world. Recent International Monetary Fund studies showed that India is expected to be the fastest growing economy during 2014-25. In addition, according to the International Energy Agency’s World Energy Outlook 2014, India’s oil demand growth between 2013 and 2040 would be the highest in the world.
Indeed, the complementarity of energy interests between Canada and India has already resulted in substantive milestones conducive to building our bilateral energy relationship, including:
- In 2009, India received Canadian oil for the first time and in 2014, India received over 1 500 barrels of Canadian crude per day;• 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 an integrated LNG project – Pacific Northwest LNG proposed at Lelu Island, British Columbia; and
• On April 15, 2015, Canada welcomed the announcement of a contract to supply over seven million pounds of uranium to India over the next five years for the generation of electricity.
Moving forward, Canada could potentially supply a significant amount of the 44 billion cubic metres of natural gas that India is forecasted to import annually by 2025. Indian companies are actively engaged in projects in Canada including projects by Pacific NorthWest LNG and A C LNG.
Furthermore, the Ministers discussed opportunities to increase Indian participation in mining and oil sands 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 carbon capture and storage. Canada and India will also work together to enhance skill development and share knowledge to accelerate the adoption of clean energy technologies. The Ministers agreed to intensify, government-to-government as well as business-to-business collaborations in the above noted themes.
The Ministers have committed to continuing to explore opportunities of mutual benefit in the energy sector. They are scheduled to meet again in 2016 in India for their 3rd India-Canada Ministerial Energy Dialogue.