Canada wants to increase energy trade with India says energy minister
Canada's Energy Minister Tim Hodgson stated on Tuesday that the country is considering boosting its energy?exports in India to diversify its client base and reduce its dependence?on??supply from the United States.
Hodgson said at the Indian Energy Week that exporting 98% to the United States is a "strategic? blunder" and saw an opportunity for India to work with him.
India will have the fastest growing energy demand in the world, according to Hodgson, who added that Canada could provide crude oil, natural gas liquefied and uranium.
Kpler data shows that Canada does not currently export crude oil or LNG to India. India depends on Russia, Iraq, Saudi Arabia and Qatar for super-chilled fuel and for crude oil.
Kpler data shows that India's oil imports have grown 2.5% in the last three year on average, but LNG cargoes are expected to drop 6.3% by 2025.
"We are now building pipelines towards the?West Coast." Hodgson stated that three pipelines have been built in the area and they are looking to build?more.
India's recent push for a boost in its nuclear production could, however, provide a 'flip' to Canada's plan to increase uranium supplies?to India. "Canada used to supply 98% of its electricity to one customer. We are committed in diversifying our energy supply. Hodgson added, "We see the opportunity to collaborate with India." (Reporting and writing by Mohi N. Narayan, Sudarshan V. Varadhan and Florence Tan; Editing and editing by Christian Schmollinger & Emelia Sithole Matarise).
(source: Reuters)
