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The formula for negotiations for the sale of uranium from Australia to India will be developed in due course, said Australian Energy Minister Martin Ferguson.
The ‘symbolic’ decision to sell uranium to India was made in December last year, and other negotiations will be evolved in future, Ferguson said in New Delhi on Tuesday. He noted that the India-US nuclear agreement was central to the Australian decision on the issue.
Ferguson called upon Indian companies to invest in the fast developing energy sector in Australia, which is poised to become the largest exporter of LNG in the world. Australia will have an export capacity of 20-25 million tonnes by early next year and will reach 70-80 million tonnes, becoming the largest exporter.
He said Petronet has arrived at a long-term purchase agreement with Australia for 1.5 million tonne of LNG.
“It is a good opportunity for Indian businessmen to invest in Australian energy markets,” Ferguson added.
In addition, Australia and India can also cooperate in renewable energy, with focus on solar and wind power, he said.
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