Photo by: Reuters
PERTH (miningweekly.com) – India was seeking an increased engagement with Australia on uranium and gas exports to meet its demand for electricity generation, India’s Minister of State with Independent Charge of Power, Coal, and Renewable Energy, Piyush Goyal, said on Wednesday.
Speaking ahead of the third Australia-India Energy Security Dialogue, Goyal noted that energy would likely be the defining feature of India’s future relationship with Australia.
“Going forward, I think energy is going to be the defining feature of our relationship, particularly since you have already played an important role in providing adequate supplies to our coal-based thermal plants. We are now looking at increased engagement on uranium; gas is going to be the next enabler for cleaner technology for our power production.”
At the end of last year, the Australian government finalised the Australia-India nuclear cooperation agreement, which would permit Australian companies to start commercial uranium exports to India.
India is considered the second-fastest growing market for nuclear and is forecast to have about 100 GW of capacity in 2050, making it the third largest market for nuclear after China and the US. According to the World Nuclear Association (WNA), India has six nuclear reactors under construction (4 300 MW), 22 planned reactors (21 300 MW) and 35 proposed reactors (40 000 MW).
Australian Resources, Energy and North Australian Minister Josh Frydenberg pointed out that the nations already registered two-way trade of about A$15-billion a year, with Australia exporting A$5-billion worth of coal to India every year.
Australia also recently signed its first export contract for liquefied natural gas to India, from the 15.6-million-tonne-a-year Gorgon project, being developed by US major Chevron.
“There’s a lot that our two countries can do together – exchanging information on renewable energy, exporting the many resources we have and helping the Indian economy go from strength to strength,” said Frydenberg.