India Invites Canadian Financial Institutions to Invest in Energy Sector

Indian petroleum minister Dharmendra Pradhan has invited Canada’s leading financial institutions to invest in energy infrastructure in the country.

The minister visited Canada from July 4-6, 2015 to participate in the 2nd India Canada Energy Dialogue. The Energy Dialogue was held in Calgary on July 5, 2015. Canadian side was led by Greg Rickford, Federal Canadian minister for natural resources. 

During various meetings, Pradhan offered to jointly underwrite large-scale energy projects such as LNG and refinery and petrochemical plants and highlighted availability of world standard cost effective and quality EPC companies in India with highly talented manpower who can contribute to the Canadian hydrocarbon sector.

The two sides acknowledged that Canada can become an energy exporter to India and India can diversify its sources of supply from Canada. Last year state owned Indian Oil Corporation (IOC) bought stake in an integrated LNG project in British Columbia, Canada with investment of $1 billion (which will go up to $4 billion).

The minister elaborated on the future plans of the government in the construction of gas pipelines in India to develop a national gas grid; link the smart cities with piped gas and increase use of gas as a substitute for other forms of energy and developing LNG regasification terminals on the east & west coasts of India. 

Pradhan also witnessed along with the finance minister of British Columbia the signing of an Agreement of Adherence between IOC and Government of British Columbia at Vancouver which will facilitate IOC’s operation of LNG project in Canada.