India asks Australia for differential pricing for metallurgical coal

New Delhi: India has asked Australia to chalk out a favourable differential pricing mechanism for metallurgical coal. At a meeting with Australia's minister for resources and northern Australia Senator Matt Canavan, Petroleum Minister Dharmendra Pradhan discussed the scope of ramping up energy trade ties between the two nations.

Greater cooperation in area of coking coal

According to an official statement, Pradhan called for greater cooperation in the area of coking coal. He added that since India is the largest importer of Australian metallurgical coal, a favourable differential pricing mechanism should be worked out.

Pradhan said there is a need for coordination between two countries by bringing together ministries responsible for Coal, Mines, Petroleum and Natural Gas and Steel of each side to achieve greater synergy and enhance bilateral energy cooperation.

'Scope for expanding LNG imports'

Given India's major initiatives to move into a gas-based economy, there is significant scope for expanding LNG imports from Australia, Pradhan said. He also mentioned that Indian consumer is price sensitive, and therefore affordability of LNG imports from Australia will be an important factor in enhancing cooperation in this area.

Pradhan called for greater investment flow from Australia and sharing of best practices in the fields of LNG, coal and uranium. The minister also pointed out that opportunities for collaboration will continue to expand as India's energy mix evolves.
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Both the nations agreed to expand the scope of cooperation as India offers a large energy market and Australia is rich in natural resources.