India, Canada agree to boost energy cooperation

India and Canada on Tuesday signed a joint statement to strengthen cooperation in the energy sector during the India Energy Week 2026 held in Goa.  

The agreement marks a renewed push to deepen bilateral ties in areas such as oil, gas, clean energy and long-term investments.

The joint statement followed a bilateral meeting between India’s Minister of Petroleum and Natural Gas, Hardeep Singh Puri, and Canada’s Minister of Energy and Natural Resources, Timothy Hodgson.

Hodgson’s participation at India Energy Week 2026 was significant as it marked the first time a Canadian Minister attended the event.

During the meeting, both ministers formally launched the renewed India-Canada Ministerial Energy Dialogue.

They stressed that energy security and diversified supply chains are critical for the economic growth, safety and overall well-being of both countries.

The meeting was held in line with the direction given by the Prime Ministers of India and Canada during their interaction on the sidelines of the G7 Summit in June 2025 in Kananaskis, Canada.

At that time, both leaders had underlined the need to restart senior-level and working-level engagements between the two countries.

India and Canada acknowledged that their energy sectors complement each other well. Canada aims to become a global energy superpower in both clean and conventional energy, with a strong focus on expanding exports.

India, on the other hand, is emerging as a central player in the global energy market due to its large and growing demand.

Canada highlighted its expanding capabilities in liquefied natural gas, crude oil, and liquefied petroleum gas exports, especially to Asian markets.

India noted that it is the world’s third-largest oil consumer, fourth-largest LNG importer and third-largest LPG consumer, with one of the largest refining capacities globally.

India is also expected to account for more than one-third of the growth in global energy demand over the next two decades.

Both sides agreed to deepen bilateral energy trade. This includes the supply of Canadian LNG, LPG and crude oil to India, as well as the supply of refined petroleum products from India to Canada.

The ministers also expressed interest in encouraging stronger commercial and investment partnerships in each other’s energy sectors.

Canada shared that it is fast-tracking major energy and resource projects, supported by over $116 billion in investments announced in 2025.

India, meanwhile, highlighted policy reforms and investment opportunities worth around $500 billion across the entire energy value chain.

Picture Courtesy: IANS