Framework of Understanding between India and Bangladesh for hydrocarbon sector

Framework of Understanding between India and Bangladesh for hydrocarbon sector

Question: According to the BP Statistical Review 2016, what is India’s share in global energy consumption?
(a) 5.3%
(b) 10%
(c) 23%
(d) 15%
Ans: (a)

  • The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved signing of Framework of Understanding (FoU) on Cooperation in the Hydrocarbon Sector with Bangladesh on 12th April, 2017.
  • The objective of the framework is to establish a cooperative institutional framework mechanism to facilitate and enhance India-Bangladesh bilateral cooperation in the hydrocarbon sector on the basis of equality and mutual benefit.
  • The proposed FoU is non-binding in nature and will be valid for five years. It will provide impetus to development and enable the two countries to realize their developmental aspirations.
  • The proposed Framework of Understanding aims to –
  • Promote the energy trade and integration of oil and gas grids of the two countries
  • Promote investments in each other’s countries as well as in third countries, technology transfer, R&D, conducting joint studies and capacity building of human resources.
  • Provide increased trans-border economic cooperation and connectivity.
  • Promote bilateral cooperation at the sub-regional and regional levels
  • Exchange of information to energy policy formulation in the region.
  • This Framework of Understanding shall remain in force for a period of five years, and shall be automatically renewed thereafter for a period of every five year.
  • It is notable that as per BP Statistical Review 2016, India’s share in global energy consumption is 5.3%

Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=160984
http://pib.nic.in/newsite/PrintRelease.aspx?relid=161010