Union Minister of Petroleum and Natural Gas & Skill Development & Entrepreneurship, Dharmendra Pradhan, led a delegation to Tokyo, Japan from October 17-18, 2017, to participate in LNG Producer- Consumer Conference. The conference organized by the Ministry of Economy, Trade and Industry of Japan (METI) and the Asia Pacific Energy Research Centre (APERC) is a global annual dialogue which provides participants a forum for sharing the latest trends in the global LNG market and discussing opportunities and challenges with a view to developing global LNG market.
Union Minister of Petroleum and Natural Gas & Skill Development & Entrepreneurship, Dharmendra Pradhan, led a delegation to Tokyo, Japan from October 17-18, 2017, to participate in LNG Producer- Consumer Conference. The conference organized by the Ministry of Economy, Trade and Industry of Japan (METI) and the Asia Pacific Energy Research Centre (APERC) is a global annual dialogue which provides participants a forum for sharing the latest trends in the global LNG market and discussing opportunities and challenges with a view to developing global LNG market.
Pradhan delivered a keynote address during the conference. He stated that the global LNG market is undergoing a major transformation driven by new supplies which has created a situation of oversupply. He urged the global LNG markets, in which producers and consumers of LNG have equal stakes, to join hands to design flexible terms such as pricing review, flexible take or pay, abolition of destination restriction clause in the LNG contracts. Pradhan stressed that these reforms are essential for developing a transparent, efficient, truly global and balanced LNG market.
Minister Pradhan held a bilateral meeting with H.E. Hiroshige Seko, Minister of Economy, Trade, and Industry of Japan. The two sides discussed ongoing cooperation in the hydrocarbon sector between our companies in India and abroad and explored ways to further enhance the engagement. They also explored joint cooperation in the areas of LNG sourcing, swapping and optimization of LNG sources and commercial exploitation of Methane Hydrates.
Minister Pradhan invited Minister Seko to attend the 16th International Energy Forum (IEF) Ministerial meeting to be held in New Delhi during April next year.
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