India to sign pact with Japan for setting up flexible LNG market

Source: The Hindu Business Line, Oct 11, 2017

New Delhi: The Cabinet gave its nod to signing a host of MoUs including one Memorandum of Cooperation (MoC) with Japan for liquefied natural gas that would enable establishing a liquid, flexible and global LNG market.

Speaking to reporters after the Cabinet meeting, Dharmendra Pradhan, Minister for Petroleum, Natural Gas and Skill Development, said, “The MoC provides a framework to cooperate in facilitating flexibility in LNG contracts, abolition of destination clause and in exploring possibilities of cooperation in establishing reliable spot price indices reflecting true LNG demand and supply.”

Elaborating the Minister said, “This will open the opportunity for technical and knowledge base sharing with Japan in LNG. Currently, India has an agreement with Australia for natural gas, while Japan has one with Qatar. Through this agreement, we can explore options such as swapping cargoes from these sources.”

Pradhan also said that India and Japan will sign MoC for a Technical Intern Training Program. “Under the MoU, India will send one lakh people to be trained in Japan over the next three years. Each will have a three- to five-year work term, and there will be nearly 50,000 job opportunities created there,” he said.

“Japan will bear the expense for this training program and a transparent selection program for recipients of the same is being worked out,” he added. This MoC is expected to be signed during Pradhan’s visit to Tokyo this month. The Cabinet also gave its nod for a MoU between India and Belarus, for cooperation in Vocational Education and Training.

 SEBI pacts

The Cabinet also gave its approval for MoU between Securities and Exchange Board of India (SEBI) and Capital Markets Authority (CMA), Kuwait. Another MoU between SEBI and Financial Services Commission (FSC), Gibraltar for mutual co-operation and technical assistance got the Cabinet’s approval.

The status of the International Association of Marine Aids to Navigation and Lighthouse Authorities (IALA) was changed from that of a Non-Governmental Organisation (NGO) to an Inter-Governmental Organisation (IGO) after the Cabinet’s approval today.

This will bring IALA at par with International Maritime Organisation (IMO) and International Hydrographic Organisation (IHO), an official statement added. A MoU between India and Morocco on cooperation in the field of water resources also got the Cabinet’s nod.

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