Sino-Indian hydrocarbon ties to improve: Aiyar

Mani Shankar Aiyar said that the energy sector will determine their future prospects of growth.

Petroleum Minister Mani Shankar Aiyar on Wednesday expressed confidence in launching a "significant historic era" of cooperation between India and China in the hydrocarbon sector, which will ensure energy security for the two Asian giants.

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"It is evident to both India and China that the most crucial sector of the economy which will determine their future prospects of growth and the possibilities of eradicating poverty, will be the energy sector," Aiyar, heading a high-level delegation to China, said in Beijing.

"The visit that I am making today has been well- prepared because we have been preparing the ground for more than a year," he said, expressing confidence on the outcome of the January 11-13 trip.

"Therefore, on the basis of the contacts already established, we are positioning ourselves on a launching pad for a new and significant historic era in cooperation between India and China in this vital field. What shape exactly it will take will be determined tomorrow at the talks," he said.

It is astonishing how similar is the situation of China and India in the energy sector, with both having substantial coal resources but remaining highly dependent on hydrocarbons, a substantial portion of which has to be imported, he said.

"Given that we are facing similar challenges and that our response to these challenges respectively are almost exactly the same, there does appear to be considerable scope for cooperation along the entire integrated hydrocarbon value chain and is extending beyond into related sectors like petrochemicals," the minister added.