India seeks to tie up LNG imports from Australia

India and Australia are looking at increased cooperation in the energy sector, especially in the area of liquefied natural gas. India today discussed the possibilities of tying up LNG imports from Australia

Petroleum minister Veerappa Moily and visiting Australian minister for energy, tourism and resources, Martin Ferguson, today discussed the possibilities of enhancing mutual cooperation in the hydrocarbon sector.

During discussions with his Australian counterpart, Moily stressed the need for more tie-ups between oil companies of India and Australia to meet LNG requirements of India. In view of Australia augmenting its LNG supply capacity and rising demand for natural gas and up-coming LNG import facilities in India, the two leaders felt that this area offers tremendous opportunity to forge mutually beneficial tie-ups.

Oil and gas currently account for 22 per cent and 9 per cent, respectively, of India's energy mix. The share of gas is expected to reach 20 per cent by 2025.

The visiting minister also flagged the issues facing Australian companies operating in the up-stream chain of hydrocarbon sector. The Indian side assured that petroleum ministry is actively pursuing resolution of those issues.

Petroleum secretary G C Chaturvedi was also present at the meeting.

Meanwhile, in a written reply to another question, Moily informed the Rajya Sabha today that the retail selling prices of petrol, diesel, PDS kerosene and domestic LPG are higher in Nepal and Sri Lanka compared to their retail selling prices in India except for price of petrol in Sri Lanka.