India, Japan to work for LNG price stability

India and Japan Monday agreed to work together to ensure stability in procurement and pricing of liquified natural gas (LNG) in the Asia-Pacific region.

India's Petroleum Minister M. Veerappa Moily discussed the LNG pricing and procurement issue with Japan's minister of economy and trade Toshimitsu Motegi during a meeting in Tokyo.

"Japan and India, as major LNG consuming countries in Asia, will work together towards the development of a market environment that would enable effective, stable and globally competitive LNG procurement," according to a joint statement released after the meeting.

"Forming a transparent and globally competitive LNG price in the Asia Pacific market serves the common interests of Japan and India," the statement released here by oil ministry said.

The two countries called for setting up a multilateral joint study group on LNG.

"In order to further share the analysis and best practices from multiple initiatives and studies on LNG markets today, Japan and India support the launch of a Multilateral Joint Study Group on LNG, including energy research institutes in LNG consuming countries," the joint statement said.

Moily is on an official visit to Japan. He is scheduled to deliver keynote address at the second LNG Producers-Consumers Conference in Tokyo Tuesday.