www.financialexpress.com
Feb 06, 2010
New Delhi: Australian energy minister Martin Ferguson has sought Indian investments into the island nation's energy sector and has offered India long-term supply of energy sources and clean technologies. Australia would appoint a dedicated investment commissioner in Mumbai later this year to facilitate cross-border flow of investments. The energy minister will also showcase before Indian investors and businesses its latest blocks on offer for oil and natural gas exploration later this year, Ferguson told FE.
The minister, who is scheduled to meet Cabinet ministers and businessmen during the ongoing visit, said Australia is strategically placed to meet the growing energy needs of the Indian economy. Ferguson sees last year's Australian $25 billion deal between Australia's Exxon-Mobil Corporation's subsidiaries and Petronet LNG Limited for long-term supply of LNG as a milestone in cross-border trade in the energy sector. India is also a major buyer of Australia's coal, gold and copper ores. Australia wants to expand the association further.
"In resources and energy, we have a long-term relationship. With the growth in the Indian economy, it is going to expand dramatically over the next decade," said Ferguson. Australia is the biggest exporter of coal and the fifth largest exporter of LNG. With higher investments, the island nations hopes to be the second largest LNG exporter within five years.
Australia has also been encouraging India's huge investments in its coal industry, he said. "We have a favourable environment with respect to foreign investments. Our foreign investment policy is non-discriminatory," Ferguson said adding that the state does not interfere with market forces. The government, however, has regard for its national interest, the minister said.
Australia also offers partnerships and joint ventures with Indian firms in development of clean technology and sharing the research outcomes. The country is investing heavily in research and has committed a 20% cut in carbon emissions by the end of the next decade with a focus on solar thermal, geo-thermal and biomass sources. Ferguson said his government wants to take forward the activities of five working groups for co-operation set up last year in the areas of mining, coal, power, petroleum and natural gas and new and renewable sources of energy.
The Australian government is extremely serious about dealing with the alleged attacks against Indians. "The Australian government is taking these incidents very seriously. Our state governments are vigorously pursuing these cases and are prosecuting... We have had quite significant successful prosecutions with long-term prison outcomes. We are aware of those issues and we take crime very seriously in Australia," the minister assured.
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