Question: Who amongst the given is the country’s largest importer of LNG (natural gas) in the world?
(a) China
(b) Japan
(c) India
(d) France
Answer: (b)
Related Facts:
- On October 11, 2017, the Union Cabinet chaired by Prime Minister of India has approved the signing of the Memorandum of Cooperation (MoC) between India and Japan on establishing a liquid, flexible and global LNG Market.
- The MoC will promote bilateral relationship between India and Japan in the energy sector.
- This will strengthen our energy security and lead to more competitive prices for consumers.
- The MoC provides a framework to cooperate in facilitating flexibility in LNG contracts, abolition of Destination Restriction Clause and also explore possibilities of cooperation in establishing reliable LNG spot price indices reflecting true LNG demand and supply.
- Japan is the world’s largest importer of LNG in the world.
- India is fourth in the list of LNG importers’ countries.
- It is to be noteworthy that under Japan-India Energy Partnership Initiative signed in January 2016, the two sides had agreed to work together in promoting well-functioning energy markets and affirmed to promote a transparent and diversified Liquefied Natural Gas (LNG) market through the relaxation of Destination Restriction Clause.
Reference:
http://pib.nic.in/newsite/PrintHindiRelease.aspx?relid=67613
http://pib.nic.in/newsite/PrintRelease.aspx?relid=171622
http://economictimes.indiatimes.com/industry/energy/oil-gas/cabinet-clears-pact-with-japan-for-setting-up-flexible-lng-market/articleshow/61041494.cms
http://www.thehindubusinessline.com/news/world/india-to-sign-pact-with-japan-for-setting-up-flexible-lng-market/article9901389.ece