Page 45 - Policy Economic Report_Jan 25
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POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
13. INTERNATIONAL CO-OPERATION
o Diversification of Oil & Gas Sources:
o In the financial year 2023-24, the Ministry of Petroleum and Natural Gas undertook robust
measures to strengthen India’s energy security. We expanded our crude oil sourcing, reducing
dependency on specific geographies.
o To transition towards a gas-based economy and diversification, Indian PSUs IOCL and GAIL
executed long-term LNG supply agreements with ADNOC, UAE, securing approximately 2.7 MMT
of LNG annually.
Global Biofuels Alliance:
o The Global Biofuels Alliance (GBA), launched in September 2023 by the Hon’ble Prime Minister
during the G20 Summit, has seen remarkable growth, with 28 member countries and 12
international organizations joining the alliance and continues to expand.
o Additionally, GBA signed Head Quarters Agreement with Government of India in October 2024
for establishment of the GBA Secretariat in India underscores our commitment to global
leadership in clean energy.
Engagement with Neighbouring countries:
o India has proactively fostered energy linkages with neighbouring countries. For instance, with
Nepal, Government of India signed a G2G MoU in May 2023 for development of petroleum
infrastructure, followed by a commercial B2B agreement between IOCL and NOC of Nepal in
October 2024.
o Additionally, Government of India signed a landmark MoU with Bhutan for the supply of
petroleum products.
International partnership on clean energy and Hydrocarbon Sector:
o India and the United States continued to deepen their partnership through the Strategic Clean
Energy Partnership (SCEP), aligning with the India-US Climate & Clean Energy Agenda 2030. The
September 2024 Ministerial Meeting marked significant advancements in clean energy
collaboration.
o In November 2024, during the Hon’ble Prime Minister’s state visit, India and Guyana entered into
a landmark agreement to strengthen cooperation in the hydrocarbon sector.
o India’s commitment to clean energy extends to 2G/3G biofuels, green hydrogen, and other
emerging fuels. Recently in June 2024, India signed a Letter of Intent (LOI) with Italy for
collaboration in green hydrogen and sustainable biofuels.
o Hon’ble Minister PNG along with Minister of Mines and Energy of Brazil issued a joint statement
on Sustainable Aviation Fuel for coordinated position at international forum to promote SAF.
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