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India, which imports 85 per cent of its crude oil necessities, is interested in sourcing the commodity from Brazil under long term special contracts as each the nations discover avenues to additional broaden their mutually helpful commerce relationship, a joint assertion by India and Brazil mentioned on Thursday.
The joint assertion is on the assembly between the Minister of Petroleum and Natural Gas (MoPNG) Hardeep Singh Puri and Brazil’s Minister of Mines and Energy Bento Albuquerque on cooperation between the 2 nations in vitality, bioenergy and biofuels.
Albuquerque is on an official go to to India on the invitation of Puri. The Brazilian Minister was accompanied by a delegation of personal sector leaders of the biofuels and automotive sectors, MoPNG mentioned in a press release.
More bilateral investments inspired
“The two sides recognised the significance of the strong funding in the Brazilian oil and fuel sector made by Indian firms and reaffirmed their dedication to safeguard current investments whereas encouraging additional bilateral investments,” MoPNG mentioned.
“The two sides highlighted the significance of bilateral commerce in oil and its by-products, and expressed their willingness to broaden this mutually helpful commerce. The Indian facet expressed curiosity in sourcing crude oil under long term special contracts,” it added.
Both the leaders reviewed the prevailing bilateral cooperation throughout all the spectrum of the vitality sector and dedicated to enhancing the helpful partnership between the nations, and in this context expressed satisfaction on the essential function bilateral vitality cooperation performs in deepening strategic partnership.
Various actions reviewed
Besides, India and Brazil additionally acknowledged the immense potential for collaboration between the 2 nations to scale up worldwide manufacturing, and the usage of sustainable bioenergy and biofuels as an essential vertical of the worldwide transition to a low carbon future.
In this context, they agreed on the significance of strengthening bilateral cooperation in bioenergy. To this finish, the 2 sides agreed to work in direction of growing an Indian-Brazil Alliance for Bioenergy and Biofuels.
The two Ministers additionally reviewed the long record of bilateral and worldwide actions and initiatives undertaken in the biofuels sectors in current years, together with the trade of technical visits, the 2 editions of the Brazil-India Ethanol Talks, the Symposium on Aviation Biofuels, the launching of the joint working group on bioenergy cooperation, a roundtable on India-Brazil Collaboration in Biofuels in the auto sector, and so on.
“They additionally famous bilateral coordination inside G-20 on Climate and Energy, BRICS Energy Ministerial, Biofuture Platform, Clean Energy Ministerial, Mission Innovation initiative and IBSA joint Working Group on vitality, and the work carried out in the context of the United Nations High-Level Dialogue on Energy,” the Ministry famous.
Published on
April 22, 2022
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