News

India taking lead to create alliance of gas importers: Dharmendra P.

The country is taking the lead for creating an alliance of gas importers across the world for "reasonable and affordable" pricing of the fuel, Union Oil Minister Dharmendra Pradhan today said. "We must have a cooperation between all the LNG (Liquefied Natural Gas) and gas consuming countries, we must create a situation for a reasonable, rational and affordable price. India is taking the lead to create a network between these major gas consumers," Pradhan told reporters. Calling gas as an important fuel for the next two decades which will be an important constituent of the country's energy basket, Pradhan said the state-run Gail is taking the lead in the company-to-company negotiations at the international level. It is already in touch with companies in Japan and South Korea, the Minister said, adding that China can also be a partner in the future. He said Prime Minister Narendra Modi's foreign visits have helped the energy security agenda and the upcoming one in Mozambique will help in expediting the commercial exploitation of the Roboma field. Pradhan said the country is also trying to work as an energy hub in Asia, and is already supplying power to neighbours including Nepal, Sri Lanka, Bangladesh and Bhutan, while negotiations are also on with Myanmar to supply power. He also said that the current low prices of oil commodities is a "new normal" and the buyers will continue to have an upper-hand in deals.