India to sign pact with Japan for setting up flexible LNG market
The Union Cabinet headed by Prime Minister Narendra Modi has recently approved signing of the Memorandum of Cooperation (MoC) with Japan on establishing a Liquid, Flexible and Global LNG Market.
The MoC will provides a framework to cooperate in facilitating flexibility in LNG contracts, abolition of Destination Restriction Clause (DRC) and also explore possibilities of cooperation in establishing reliable LNG spot price indices, reflecting true LNG demand and supply. This MoC is expected to be signed during the forthcoming visit of Hon’ble Minister for Skill Development & Entrepreneurship during October 16-18, 2017 at Tokyo.
Apart from this, India and Japan will also sign MoC for a Technical Intern Training Program (TITP). The TITP is an ambitious program to send Indian technical interns to Japan for on the job training for a period of three to five years.