India has made it clear that they are keen to work with Guyana when it comes to energy security, with Indian Prime Minister Narendra Singh Modi making saying that his country’s dedication to sustainable and inclusive progress perfectly aligns with Guyana and the ongoing Energy Conference and Expo.
In a written missive to Guyana, PM Moti lauded Guyana for the successful hosting of the conference, adding that the urgent need for strong, influential and united voices when it comes to energy, especially those from the global south and the developing world.
“Often, these are the nations that have the least carbon footprint, as well as the greatest number of people to be lifted out of poverty. As a responsible and conscientious global partner, India recognizes the importance of nurturing international cooperation to give a pro-people and pro-planet direction to the energy sector.”
“In this mission, this conference hosted by Guyana will also help in meeting the twin needs of access to energy, as well as smooth energy transition,” Modi said in his message, emphasizing his country’s dedication to sustainable energy.
According to Modi, India has done much to demonstrate its dedication to sustainable energy, including through the Global Biofuels Alliance and the International Solar Alliance. He also emphasised India’s preparedness to work with Guyana.
“Our dedication to sustainable and inclusive progress harmonizes perfectly well with the underlying objectives of this conference. India is keen about working with Guyana and the world in executing energy projects and fostering capacity building endeavors in the spheres of conventional and renewable energy. We can all learn from each other’s experiences and best practices in the energy sector.”
When it comes to the conference itself, Modi was hopeful that the gathering of global experts and policy makers would be able to come up with innovative solutions, as well as increased collaborations. He also offered best wishes to Guyana on making the expo a resounding success.
Guyana/India ties are at an all-time high. Only recently, it had been revealed that India sourced as much as US$149 million in crude oil from Guyana between 2021 and 2022. This growth in hydrocarbon trade between the two countries was described as an all-time high by India’s Union Minister for Housing & Urban Affairs & Minister for Petroleum and Natural Gas, Hardeep Singh Puri.
In a social media statement following talks earlier this month with Guyana’s Minister of Natural Resources, Vickram Bharrat, who was present in India for the India Energy Week in Quitol, Goa, Puri noted that they discussed ways in which they could further expand and cement ties between the two countries.
India is already expected to partner with Guyana in critical areas in the oil and gas sector, including refining crude oil, as the Prime Minister Narendra Modi-led Indian Government approved the signing of a Memorandum of Understanding (MoU) between the two nations last month.
According to a statement from the Indian Bureau of Information, the Indian Cabinet approved the signing of an MoU between the Indian Ministries of Petroleum and Natural Gas and Guyana’s Ministry of Natural Resources, which will last for five years.
This MoU would see India sourcing crude from Guyana, an arrangement that it had previously utilised such as in 2021 when HPCL-Mittal Energy Ltd (HMEL), a joint venture between State-run Hindustan Petroleum Corp and Indian steel tycoon LN Mittal, bought Guyana’s crude.
It was also announced in January last year that India, where President Dr Irfaan Ali had led a delegation of Guyanese earlier that month, had made an initial proposal on the direct long-term purchase of crude. At the time, it had been announced that Guyana was examining the proposal at a technical level.
The Union Cabinet chaired by Prime Minister Modi approved the signing of an MoU between the Ministry of Petroleum & Natural Gas, Government of India and the Ministry of Natural Resources, Republic of Guyana on cooperation in the hydrocarbon sector.
Another area the MoU covers is cooperation with Guyana for crude oil refining. Additionally, it will create opportunities for Indian companies to explore and produce oil in Guyana and for collaboration on natural gas.
At the governmental level, the MoU allows for capacity building, strengthening bilateral trade, collaborating to develop oil and gas-related regulations and cooperation on renewable and clean energy, including biofuels and solar energy.
