PERTH, Australia, Jan. 12 (UPI) -- Australian energy company Woodside said it signed an agreement with an Indian conglomerate that gives it a footprint in the emerging Indian market.
The Australian company signed a non-binding memorandum of understanding with Adani Enterprises Ltd. to pursue commercial initiatives in the liquefied natural gas sector.
"India is an important emerging LNG market in which we see enormous supply potential as infrastructure is developed," Woodside Managing Director Peter Coleman said in a Sunday statement.
The U.S. Energy Information Administration ranks India fourth in the world in terms of energy consumption and fourth largest importer of LNG in the world, behind Japan, South Korea and China.
As of 2012, LNG imports, mostly from Qatar, accounted for 29 percent of all natural gas consumption in India. India didn't start importing gas until 2004, drawing largely on its own reserves as an energy source until then.
"Adani is at the forefront of the LNG industry in India and committed to developing partnerships to support securing reliable long-term supplies of clean energy," Coleman said.
Woodside is Australia's largest oil and gas company, serving as the operator of the giant Pluto LNG project in the country.
Adani Group Chairman Gautam Adani said the agreement was a "landmark" between the two organizations.