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Posted on Dec 04, 06:58PM | IBNS
Union Petroleum and Natural Gas Minister Veerappa Moily on Tuesday stressed the need for more tie-ups between oil companies of India and Australia to meet Liquefied Natural Gas (LNG) requirements of India.
Moily discussed the possibilities of enhancing mutual cooperation, in hydrocarbon sector, with visiting Australian Minister for Energy, Tourism and Resources Martin Ferguson.
In view of Australia augmenting its LNG supply capacity and rising demand for natural gas and upcoming 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 22pc and 9 pc respectively of India's energy mix.
The share of gas is expected to reach 20 pc 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.