CALGARY, July 5, 2015 /CNW/ - The Honourable Greg
Rickford, Canada's Minister of
Natural Resources, and Shri Dharmendra
Pradhan, India's Minister
of State (Independent Charge) Petroleum and Natural Gas, today met
in Calgary, Alberta, Canada, for
the 2nd India-Canada Ministerial Energy Dialogue to discuss
enhancing energy cooperation between the two countries in the areas
of oil, natural gas, clean energy, power transmission and
skill development. They highlighted Canada and India's growing energy partnership, by
strengthening government to government and business to business
relationships, to help create jobs and long-term economic
prosperity for both countries.
Canada is a secure, reliable
and responsible producer and supplier of energy to the world and
has the resources and expertise needed to support India's growing energy needs. In 2012,
India was the fourth-largest
energy consumer in the world. Recent International Monetary Fund
studies showed that India is
expected to be the fastest growing economy during 2014-25. In
addition, according to the International Energy Agency's World
Energy Outlook 2014, India's oil
demand growth between 2013 & 2040 would be the highest in the
world.
Indeed, the complementarity of energy interests between
Canada and India has already resulted in substantive
milestones conducive to building our bilateral energy relationship,
including:
- In 2009, India received
Canadian oil for the first time and in 2014, India received over 1 500 barrels of Canadian
crude per day;
- Signed Expression of Intent in 2013 to collaborate between
Alberta Petroleum Marketing Commission and Indian Oil Corporation
Ltd;
- In March 2014, Indian Oil
Corporation Ltd acquired 10 % participating interest in integrated
LNG project - Pacific Northwest LNG proposed at Lelu Island,
British Columbia; and
- On April 15, 2015, Canada welcomed the announcement of a contract
to supply over seven million pounds of uranium to India over the next five years for the
generation of electricity.
Moving forward, Canada could
potentially supply a significant amount of the 44 billion cubic
metres of natural gas that India
is forecasted to import annually by 2025. Two Indian companies are
currently invested in projects in Canada being proposed by Pacific NorthWest LNG
and A C LNG.
Furthermore, the Ministers discussed opportunities to increase
Indian participation in mining and oil sands activities, to grow
Canadian investments in India's
energy infrastructure and further technical collaboration in the
areas of clean energy technologies, including solar, wind, power
transmission and carbon capture and storage. Canada and India will also work together to enhance skill
development and share knowledge through university collaboration to
accelerate the adoption of clean energy
technologies.
The Ministers have committed to continuing to explore
opportunities of mutual benefit in the energy sector. They are
scheduled to meet again in 2016 in India for their 3rd India-Canada
Ministerial Energy Dialogue.
Quick Facts
- According to the International Energy Agency, in 2013,
India was the world's
fourth-largest LNG importer, with 5.2 percent of global imports.
That same year, about a third of natural gas to meet India's demand came from imported LNG.
- Canada is the fifth-largest
producer of natural gas in the world and has up to 1,566 trillion
cubic feet (44 trillion cubic metres) of marketable natural gas
resources, enough to meet our current production for over 300
years.
- The oil sands comprise approximately 97 percent of Canada's 172.5 billion barrels of proven
reserves, the third-largest reserve in the world.
- India has one of the most
aggressive growth plans for nuclear energy in the world and
represents a large market opportunity for Canadian uranium fuel
suppliers. India aims to supply 25
percent of its electricity from nuclear power by 2050.
- Canada is the second-largest
producer of uranium globally, with exports valued at more than
$1 billion per year.
- In April 2015, Cameco, a
Saskatoon-based Canadian company,
announced an agreement with India's Department of Atomic Energy to supply
over seven million pounds of uranium concentrate to India over the next five years for the
generation of electricity.
Quotes
"Canada's growing energy
relationship with India is helping
create jobs and long-term prosperity for both of our countries. We
stand ready to expand our strategic partnership through greater
cooperation based on our complementarity of energy interests."
Greg
Rickford
Canada's
Minister of Natural Resources
"India and Canada share common values and ideals and
believe in long-term sustained partnerships. Our Energy Cooperation
is steadily growing but the potential is much higher – Let's
convert the potential into reality."
Shri Dharmendra
Pradhan,
India's
Minister of State (Independent Charge) Petroleum and Natural
Gas
Associated Links
- Fact Sheet: India -
Canada's Priority Market:
http://international.gc.ca/global-markets-marches-mondiaux/markets-marches/india-inde.aspx?lang=eng
- Canada-India Relations:
http://www.canadainternational.gc.ca/india-inde/bilateral_relations_bilaterales/canada_india-inde.aspx?lang=eng
- India-Canada Joint Statement (April 15,
2015):
http://pm.gc.ca/eng/news/2015/04/15/india-canada-joint-statement
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SOURCE Natural Resources Canada