New Delhi: India and Japan on Wednesday agreed to deepen cooperation in the energy sector, with a focus on strengthening energy security, strategic petroleum reserves, resilient supply chains and maritime energy transport amid evolving global geopolitical challenges.
The understanding was reached during talks between Prime Minister Narendra Modi and Japanese Prime Minister Sanae Takaichi in New Delhi. Following the meeting, the Indian Ministry of Petroleum and Natural Gas and Japan’s Ministry of Economy, Trade and Industry issued a joint statement outlining key areas of cooperation.
The two countries agreed to enhance collaboration on strategic crude oil and petroleum product stockpiling, including sharing best practices on reserve management, emergency response mechanisms and market stabilisation measures.
India and Japan also pledged to work together to strengthen the collective voice of major energy-consuming nations by promoting information-sharing on global energy markets, exploring energy supplies from third countries and encouraging joint investments in overseas upstream oil and gas projects.
Recognising the importance of secure maritime transport for energy supplies, both sides agreed to explore joint investment opportunities across the oil and gas transportation value chain.
The partnership will also promote institutional cooperation among key organisations, including Indian Strategic Petroleum Reserves Limited (ISPRL), Indian national oil companies, Japan Organization for Metals and Energy Security (JOGMEC) and the Japan Bank for International Cooperation (JBIC).
To monitor progress, the two countries will continue discussions under the India-Japan Joint Working Group on Petroleum and Natural Gas as part of the broader India-Japan Energy Dialogue.
