Indian government has invited Canadian leading financial institutions to invest in energy infrastructure in India and also offered to jointly sign the large projects like LNG (liquefied natural gas) terminals as well as refinery and petrochemical plants.
The Petroleum Minister Dharmendra Pradhan after a meeting with Canadian officials and businessmen during his recent visit to the country said that the availability of world standard cost effective and quality EPC companies in India with highly talented manpower can contribute to the Canadian hydrocarbon sector and there is unlimited potential for natural parternership between the two countries. The Minister invited Canadian financial institutions to not only invest but also cooperate and learn from each other’s experience in energy policy regulation”.
The meeting was held in Calgary on July 5 between Indian Minister of State for Petroleum and Natural Gas and the Canadian side was led by Federal Canadian Minister for Natural Resources Greg Rickford. Dharmendra Pradhan later said, “Canada can become an energy exporter to India and India can diversify its sources of supply from Canada'.
Indian Oil Corp (IOC) is participating in LNG project in British Columbia, where Canada’s investment of $ 1 billion, can go up to $ 4 billion. Offices are already been opened in Calgary by IOC and ONGC Videsh. An Agreement of Adherence was signed between IOC and Government of British Columbia at Vancouver to facilitate operation of LNG project in Canada.
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 with a CAGR of 3.5 percent.