Pradhan invites Canada’s leading financial institutions to invest in India’s energy sector

Calgary, July 8 (ANI): Minister of State for Petroleum and Natural Gas (Independent Charge) Dharmendra Pradhan participated in the second India Canada Energy Dialogue in Calgary on July 5.

Pradhan was on an official visit to Canada from July 4 to July 5.

The Canadian side was led by Federal Canadian Minister for Natural Resources Greg Rickford.

During the visit, Pradhan also met Canada’s Deputy Premier and Minister for Natural Gas Development Rich Coleman and Minister of Finance of British Columbia Michael de Jong in Vancouver.

He also addressed business leadership forum separately in Calgary and Vancouver, which was attended by prominent CEOs and businessmen in the oil and gas, electricity and coal sector of Canada.

He also held one to one meetings with select CEOs of various companies working in the Energy sector and energy project financing in Calgary. He visited Southern Alberta Institute of Technology, Calgary, University of Calgary and University of British Columbia and interacted with the faculty and students.

Pradhan’s visit of comes as a follow up of the recent visit of Prime Minister Narendra Modi to Canada in April 2015, which created an excellent momentum to expand energy ties including investment in energy and related technologies and services.

During various meetings, Pradhan offered to jointly underwrite large-scale energy projects such as LNG and refinery, and petrochemical plants. He also highlighted availability of world standard cost effective and quality EPC companies in India with highly talented manpower who can contribute to the Canadian hydrocarbon sector.

He invited Canada’s leading financial institutions to invest in energy infrastructure in India and to cooperate to learn from each other’s experience in energy policy and regulation. He further stressed that there is unlimited potential for natural partnership between the two countries.

Discussions were also held to further collaborate in areas such as energy efficiency and innovation, oil and gas development, exchange of regulatory best practices and renewable energy.

The two sides acknowledged that Canada can become an energy exporter to India while India can diversify its sources of supply from Canada. The Minister highlighted the natural synergy between the India and Canada in the energy sector and referred to various ongoing projects in Canada by Indian companies.

The Minister also witnessed the signing of an Agreement of Adherence between Indian Oil Corporation (IOC) and Government of British Columbia at Vancouver, which will facilitate IOC’s operation of LNG project in Canada.

Pradhan also met Indian Community representatives in Calgary and Vancouver.

Pradhan was accompanied by Indian High Commissioner, senior representatives from Ministry of Petroleum and Natural Gas, Ministry of Power, Ministry of Coal and Ministry of External Affairs along with Chairman of IOC, Managing Director of ONGC Videsh Limited (OVL) and senior representative of Engineers India Limited (EIL). (ANI)

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