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Preparatory to becoming a full member of the International Energy Agency (IEA), India has signed a “Framework for Strategic Partnership” with the IEA. India is currently an “Association Country” of the IEA, but it is seeking full membership of the Agency.
The framework will “strengthen mutual trust and cooperation and enhance global energy security, stability and sustainability,” India’s Ministry of Power said in a statement today announcing the signing of the framework.
“This partnership will lead to an extensive exchange of knowledge and would be a stepping stone towards India becoming a full member of the IEA.”
According to the IEA, India’s oil demand would double in the next two decades. This will make India the single biggest growth market in the world for oil in the foreseeable future and ensure that the role of the Gulf states in India’s energy security is critical.
India’s demand for oil will soar to more than nine million barrels a day by 2040 and the country’s dependence on oil imports will rise to 90 percent in 20 years, the IEA said in its recent “World Energy Outlook.”
The framework was signed yesterday between Sanjiv Nandan Sahai, India’s Power Secretary and Dr.Fatih Birol, the IEA’s Executive Director.
