Both Ministers stressed on the importance of energy and resources in the bilateral relationship.
New Delhi: Union Minister of Petroleum and Natural Gas Dharmendra Pradhan on Wednesday held a meeting with Australian Minister for Resources and Northern Australia, Senator Matthew Canavan in New Delhi.
Both Ministers stressed on the importance of energy and resources in the bilateral relationship and agreed to expand the scope of cooperation given that India offers a large energy market and Australia is rich in natural resources particularly coal and Liquid Natural Gas (LNG), apart from Uranium.
The Union Minister, in a series of tweets, said: "Had an engaging discussion with Senator @mattjcan, Minister for Resources & Northern Australia. We discussed the importance of energy and resources in India-Australia bilateral relationship, and agreed to expand the scope of cooperation on a wider range of energy resources."
He also added: "Highlighted that India's major initiative to move into a gas-based economy offers a significant scope for expanding LNG imports from Australia if provided with an affordable and sustainable pricing model, keeping the price sensitivity of Indian consumers in mind."
Adding that India is the largest importer of Australian metallurgical coal, Pradhan said that the ministers also discussed to enhance cooperation in the area of coking coal to work out a favourable differential pricing mechanism.
"Also called for greater flow of investments and sharing of best practices from Australia to India," he added.
"Senator Canavan has underlined Australia's commitment to expand ties with India, and highlighted Australia's position as a reliable partner in meeting India's energy security needs to further strengthen the energy pillar of India-Australia bilateral engagements" read Pradhan's tweet.
During the meeting, the two ministers also agreed to work towards strengthening the energy pillar of bilateral engagement.