27 January 2014, News Wires – Japanese utility Chubu Electric Power and trading house Mitsui are set to sign memorandums of understanding with Indian firms to cooperate in the energy sector, according to reports.
Chubu aims to sign an agreement with India’s Gail as soon as possible to launch talks on potential joint purchases of liquefied natural gas and cooperation in other areas such as shipping, Reuters cited Chubu president Akihisa Mizuno telling reporters on Friday
India and Japand are stepping up the pressure for cheaper LNG with potential joint tenders as two of the world’s biggest gas buyers try to ease the pain of high prices and rising demand.
Mitsui plans to agree later on Friday with India’s Oil & Natural Gas Corporation to expand an existing partnership and to consider joint acquisitions of upstream oil and gas stakes globally, Reuters cited an industry source familiar with the matter as saying on condition of anonymity.
Japanese Prime Minister Shinzo Abe is set to visit India on Saturday, underlining growing business and political ties between the two nations.