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Cabinet approves signing of the MoC between India and Japan
October 12 , 2017
2598 days
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- The Union Cabinet has approved the signing of the Memorandum of Cooperation (MoC) between India and Japan on establishing a liquid, flexible and global LNG Market.
- The MoC provides a framework to cooperate in facilitating flexibility in
- LNG contracts,
- Abolition of Destination Restriction Clause
- Explore possibilities of cooperation in establishing reliable LNG spot price indices reflecting true LNG demand and supply.
- India and Japan are major consumers of energy in the world. In the LNG sector, Japan is the world's largest importer and India is the 4th largest importer.
- The MoC will promote bilateral relationship between India and Japan in the energy sector. It will contribute to the diversification of gas supplies for India and this will strengthen our energy security.
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