Indo-Japan talks on oil field investment
Japan's Trade Minister Akira Amari and Montek Singh Ahluwalia may meet in April.
By Agencies |
Tokyo: Japan and India, the world's fourth-and fifth-biggest energy users, plan talks that may lead to joint investment in oil and gas projects, as well as sales of coal-fired and nuclear power plant technology.
Japan's Trade Minister Akira Amari and India's Planning Commission deputy chairman Montek Singh Ahluwalia may meet in April, said three government officials helping arrange the talks.
India wants Japanese investment to build energy efficient power plants to keep pace with electricity needs and 9 per cent annual economic growth. Closer ties may provide opportunities in the South Asian nation's market to companies such as Kobe Steel Ltd. that's developed clean coal-burning technology, and Toshiba Corp. for nuclear power reactors.
"We're keen to enter into India, China, and Vietnam, all of which plan to build more nuclear power plants," said Hiroko Mochida, a spokeswoman for Toshiba, which acquired control of Westinghouse Electric in October last year.
Japan and India need to set up a legal framework to allow Toshiba to enter India's nuclear power market, Mochida said. "We're waiting for the treaty to be inked," she said.
Toshiba said in October it projects its revenue from the nuclear plant business to grow to $ 900 billion yen by 2020 from $ 200 billion.
Japan and India are expected to discuss tie-ups in five areas -- electricity, energy conservation, oil and gas exploration and production, coal, and renewable fuels, such as solar power, the officials said.
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