New Delhi, Jan 27 (NationPress) India and Canada on Tuesday entered into a joint agreement aimed at enhancing collaboration in the energy sector during the India Energy Week 2026 held in Goa. This agreement signifies a renewed effort to strengthen bilateral relations in critical areas including oil, gas, clean energy, and long-term investments.

The joint statement was issued following a meeting between India's Minister of Petroleum and Natural Gas, Hardeep Singh Puri, and Canada's Minister of Energy and Natural Resources, Timothy Hodgson.

Hodgson's attendance at the India Energy Week 2026 is noteworthy as it marks the first occasion a Canadian Minister has participated in this event.

During their discussions, both ministers officially inaugurated the revitalized India-Canada Ministerial Energy Dialogue.

They emphasized that energy security and diversified supply chains are essential for the economic growth, safety, and overall well-being of both nations.

This meeting aligns with directives from the Prime Ministers of India and Canada during their conversation at the G7 Summit held in June 2025 in Kananaskis, Canada.

At that time, both leaders stressed the importance of recommencing senior-level and working-level engagements.

India and Canada recognized that their energy sectors are complementary. Canada is aspiring to emerge as a global energy superpower in both clean and conventional energy, placing a strong emphasis on increasing exports.

Conversely, India is positioning itself as a pivotal player in the global energy market due to its substantial and rising demand.

Canada showcased its growing capabilities in liquefied natural gas, crude oil, and liquefied petroleum gas exports, particularly to Asian markets.

India highlighted its status as the world’s third-largest oil consumer, fourth-largest LNG importer, and third-largest LPG consumer, boasting one of the largest refining capacities globally.

Moreover, India is projected to contribute to over one-third of the rise in global energy demand over the next two decades.

Both nations agreed to enhance bilateral energy trade, including the supply of Canadian LNG, LPG, and crude oil to India, alongside the export of refined petroleum products from India to Canada.

The ministers also expressed a desire to foster stronger commercial and investment partnerships in each other's energy sectors.

Canada revealed that it is accelerating major energy and resource projects, bolstered by investments exceeding $116 billion announced in 2025.

In parallel, India underscored policy reforms and investment opportunities nearing $500 billion across the entire energy value chain.