December 17, 2024 [Oil Prices]- India plans to deliver LNG to Sri Lanka as part of efforts to boost bilateral cooperation in the energy sector, the Indian foreign ministry said on Monday as Sri Lanka’s newly elected president visited India.
Indian Prime Minister Narendra Modi welcomed Sri Lanka’s President Anura Kumara Dissanayake on his first visit to India since Dissanayake won the presidential election in September.
The two countries also continue discussions on establishing a high-capacity power grid interconnection between India and Sri Lanka, and trilateral cooperation involving the United Arab Emirates (UAE) to build a multi-product pipeline from India to Sri Lanka for supply of affordable and reliable energy.
Also in the energy sector, India and Sri Lanka are considering a joint development of offshore wind power potential in the Palk Straits, while prioritizing environmental protection, India’s Ministry of External Affairs said.
India provided $4 billion in financial support to Sri Lanka during the 2022 economic crisis in the form of emergency financing and forex support. India and other international creditors to Sri Lanka, including China, have entered into a preliminary debt restructuring agreement with the country which has seen an unprecedented crisis.
“Emphasizing the need for reliable, affordable and timely energy resources for ensuring energy security and meeting basic needs of the people, both leaders underscored the importance of strengthening cooperation in the energy sector and facilitation towards timely implementation of ongoing energy cooperation projects between India and Sri Lanka,” India’s foreign ministry said.
Earlier this year, India’s biggest natural gas importer, Petronet LNG Ltd, announced that it had entered into a Memorandum of Understanding (MoU) with LTL Holdings Ltd (LTL) of Sri Lanka to supply LNG to LTL’s dual-fueled power plants in Kerawalapitiya, Colombo.
The companies decided to develop an LNG supply chain from Petronet’s Kochi LNG terminal to LTL’s power plants in Colombo, using LNG tank containers and a multi-modal transport system. The initial term of the LNG supply is set for five years, Petronet LNG said in August.
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