India, Japan to explore joint investments in maritime energy transport

The two countries have agreed to cooperate on strategic stockpiling, market stabilization, energy transport, and institutional collaboration.

Who it concerns: The agreement involves the Ministry of Petroleum and Natural Gas of India and the Ministry of Economy, Trade, and Industry of Japan. It specifically names Indian National Oil Companies, Indian Strategic Petroleum Reserves Limited (ISPRL), Japan Organization for Metals and Energy Security (JOGMEC), and Japan Bank for International Cooperation (JBIC) as relevant stakeholders for institutional cooperation.

What was agreed

• Cooperation on stockpiling systems and reserve mechanisms for crude oil and petroleum products.
• Coordination on arrangements with producing countries and emergency response for market stabilization.
• Exploration of commercial engagements for investments in the upstream sector in third countries.
• Exploration of collaborative opportunities, including joint investments, across the maritime energy transport value chain.
• Establishment of a dialogue platform under the India-Japan Joint Working Group on Petroleum and Natural Gas.

Also in the document

• The statement explicitly mentions exploring joint investments in the maritime energy transport value chain.
• It identifies specific institutional partners for technical and financial cooperation, including JOGMEC and JBIC from Japan, and ISPRL from India.