NEW DELHI: China and India’s proposed arrangement to form a buyers’ bloc to bargain collectively for oil supplies has acquired an institutional character with the two strategic rivals moving ahead to set up a joint working group (JWG) on energy.
As part of the emerging playbook that will have a major bearing on the global energy architecture, the scope of the first such group on energy between the Asian rivals will not only be limited to crude oil but will also extend to liquefied natural gas (LNG) and will include cargo swap options.
Some of the other JWGs between the two countries have been set up to settle the boundary question and to cooperate on counter-terrorism.
