Big Relief For India Amidst Middle East Crisis, Secures Argentina As Major Gas Supplier

New Delhi: Due to the war that has been ongoing in West Asia for 26 days, India has joined the ranks of nations facing a significant energy crisis—specifically regarding gas supplies. Prime Minister Narendra Modi has stated in Parliament on two consecutive days that his government is continuously working on expanding its energy sources. In this context, Argentina—a key partner of India within the 'Global South'—has stepped forward with an offer of assistance.

On Wednesday, the South American nation of Argentina noted that India is currently grappling with gas shortages, while Argentina possesses vast reserves of the fuel; consequently, the two nations could collaborate to address this situation. Mariano Agustín Causino, Argentina's Ambassador to India, offered these remarks in response to reports regarding the potential for India to import gas from his country.

What did Argentina say about India's energy policy?

Speaking to ANI, Argentine Ambassador Mariano Agustín Causino stated: "...India is poised to become the world's third-largest economy. It is a major importer of energy—much like other leading global economies... I believe the Government of India is actively pursuing a strategy to diversify its natural resource base... a move I consider to be highly positive."

Does Argentina possess natural gas reserves?

According to the International Energy Agency (IEA), as of 2024, Argentina held natural gas reserves amounting to approximately 458 billion cubic meters. Furthermore, the agency noted that, from a technical standpoint, the country's actual reserves of this natural resource could potentially exceed current estimates by a significant margin.

Can Argentina Emerge as a Major Gas Supplier for India?

According to Argentina, both nations are also actively working toward fostering positive cooperation in the sectors of agriculture and minerals. Last year, the President of Argentina's national gas and oil company visited India twice, holding meetings with leaders from various Indian energy firms as well as with Hardeep Puri, India's Minister of Petroleum and Natural Gas.

Currently, India's LPG supply remains 60% dependent on imports from abroad. Similarly, regarding LNG production, India is only 50% self-reliant; the remaining requirements must be imported from other nations—particularly from the Gulf region, with Qatar being a key supplier.