In 2005, then oil minister Mani Shankar Aiyar had proposed the idea but it didn’t make much headway. He also mooted the idea of Japan, South Korea, China and India — the top four Asian oil importers — forming a buyers’ bloc.No progress has been made on getting Japan and Korea on board but a joint working group with China could be a good beginning, said a ministry official. The next group meeting date hasn’t been decided yet.Although the two nations stand to benefit from joint action, it may not be easy to collaborate on most strategic matters. But a lot would depend on how much China wants to share, the official said. India can potentially swap its share of oil and gas from Russia with China that has easy access to Russian energy pipeline .

Source: Economic Times April 30, 2019 18:00 UTC