India is keen on investing in the extraction of critical minerals in Canada and plans to send a delegation soon to explore joint collaboration in the sector, Oil Minister Hardeep Singh Puri said on Tuesday.
Speaking to reporters after meeting visiting Canadian Minister of Energy and Natural Resources Tim Hodgson on the sidelines of India Energy Week, Puri said both sides agreed to strengthen bilateral energy trade. This includes the supply of Canadian LNG, LPG, and crude oil to India, and the export of refined petroleum products from India to Canada.
“Canada has critical minerals… they also have four small modular reactors (SMRs) — areas we are interested in,” Puri said.
State-owned Oil India Ltd (OIL), under his ministry, is part of a consortium seeking to secure critical minerals such as lithium, cobalt, and rare earth elements, which are essential for manufacturing electric vehicle (EV) batteries, solar panels, wind turbines, and defence equipment. With China controlling the majority of current supplies, concentrated supply chains pose significant geopolitical risks.
OIL Chairman and Managing Director Ranjit Rath said a delegation will soon visit Canada to explore investment opportunities in the extraction of critical minerals.
A joint statement issued after the meeting highlighted the importance of energy security and supply diversification. “Canada aims to become an energy superpower in both clean and conventional energy, with export diversification as a priority. India, as the epicentre of the global energy landscape, offers a natural and symbiotic partnership grounded in scale, stability, and long-term opportunity,” the statement said.
Canada is expanding its liquefied natural gas (LNG) projects, increasing crude oil exports to Asian markets, and advancing liquefied petroleum gas (LPG) exports. India, being the world’s third-largest oil consumer, fourth-largest LNG importer, and fourth-largest refining capacity holder, is projected to account for over one-third of global energy demand growth over the next two decades.
Puri said Indian companies may seek participation in planned Canadian LNG export terminals to secure energy supplies.
“The ministers recognise the importance of joint commercial and investment partnerships in each other’s energy sectors. Canada is acting quickly to build energy projects with Asia as a priority region,” the statement said.
It added that both countries agreed to deepen long-term partnerships to facilitate reciprocal investments and cooperation in clean energy value chains. Opportunities include renewable energy, hydrogen, biofuels, sustainable aviation fuel, battery storage, critical minerals, clean technologies, electricity systems, supply chain resilience, and the use of artificial intelligence in the energy sector.
“India, as a major consumer, and Canada, as a safe, secure, and reliable supplier, can work in partnership to deepen trade and ensure stable energy supplies. India and Canada will collaborate to strengthen cooperation across the energy sector, including trade in services,” the statement said. (Agencies)
