India eyes Canada as potential crude oil supplier in deepening energy ties

India is considering Canada as a potential crude oil supplier, High Commissioner Dinesh Patnaik said on Wednesday at the Global Energy Show in Calgary, adding that the country’s newer refineries are designed to process heavy crude, making Canadian grades a viable option.

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Patnaik said officials from the two countries are meeting regularly to discuss opportunities for sourcing Canadian energy.

He said, however, that global investors remain cautious about Canada’s regulatory and project approval processes, which could affect the pace of energy cooperation.

Separately, Abu Dhabi National Oil Company said on Tuesday it is exploring opportunities in Canada’s upstream and liquefied natural gas sectors through its international arm XRG.

Canada is the world’s fourth-largest crude oil producer and fifth-largest natural gas producer.