New Delhi, July 2: The Ministry of External Affairs announced on Thursday that India and Japan have decided to deepen their strategic partnership to enhance energy security amid current global geopolitical conditions. Both nations have agreed to collaborate in several key areas, including strategic oil storage, global energy markets, maritime transport, and institutional cooperation, with the aim of ensuring a secure, stable, and affordable energy supply.
This decision was revealed in a joint statement following a bilateral meeting between Prime Minister Narendra Modi and Japan’s Prime Minister Sanae Takaichi in the national capital. The leaders reaffirmed their commitment to work together to address global energy challenges as two major energy-consuming countries in Asia.
India’s Ministry of Petroleum and Natural Gas and Japan’s Ministry of Economy, Trade and Industry (METI) have agreed to strengthen the strategic oil storage system. This collaboration will involve sharing expertise and experiences on national storage mechanisms for crude oil and petroleum products, storage models for industries, coordination with oil-producing nations, and maintaining energy supply during emergencies to stabilize the market.
The joint statement indicated that India and Japan will also work together to amplify the collective voice of oil and gas importing nations in the global energy market. They will share information related to energy market trends, develop measures to mitigate extreme price volatility, and explore new options for energy supply from third countries. Additionally, they will consider joint investments in the upstream oil and gas sectors of other nations.
Both countries acknowledged that a secure, robust, and self-reliant maritime transport system for oil and gas is a critical foundation for their energy security. To this end, they will enhance cooperation in various aspects of maritime energy transport, pursue joint investments, and strengthen the energy supply chain.
Efforts to bolster technical and financial cooperation in the energy sector will also see increased partnerships between major institutions from both nations. Indian National Oil Companies, Indian Strategic Petroleum Reserves Limited (ISPRL), and other relevant entities will participate in this collaboration from India. Meanwhile, Japan’s involvement will include organizations such as the Japan Organization for Metals and Energy Security (JOGMEC) and the Japan Bank for International Cooperation (JBIC).
Both countries have agreed to hold regular meetings through the India-Japan Energy Dialogue, specifically under the Petroleum and Natural Gas Joint Working Group, to advance this joint initiative. This platform will facilitate the sharing of the latest information related to the energy sector, identify areas of mutual interest, and collaboratively explore new opportunities for future cooperation.
The joint statement highlighted India’s efforts to strengthen energy security in South Asia and Japan’s regional initiatives like POWER Asia (Partnership for Comprehensive Energy and Resource Resilience). Both nations expressed their commitment to continue collaborating to enhance energy security and supply chains across the entire Asian region.
This agreement comes at a time when geopolitical tensions and uncertainties surrounding energy supply have made energy security one of the world’s top priorities. Both countries believe that this partnership will not only strengthen bilateral relations but also play a crucial role in ensuring stability and security in energy supply throughout Asia.
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