• 2 hours UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 4 hours Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 6 hours Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 8 hours German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 9 hours Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 11 hours Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 1 day Oil Prices Rise After API Reports Major Crude Draw
  • 1 day Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 1 day Gazprom Speaks Out Against OPEC Production Cut Extension
  • 1 day Statoil Looks To Lighter Oil To Boost Profitability
  • 1 day Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 1 day Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 1 day Whitefish Energy Suspends Work In Puerto Rico
  • 1 day U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 2 days Thanksgiving Gas Prices At 3-Year High
  • 2 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 2 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 2 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 2 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 2 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 2 days ConocoPhillips Sets Price Ceiling For New Projects
  • 5 days Shell Oil Trading Head Steps Down After 29 Years
  • 5 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 5 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 5 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 5 days Venezuela Officially In Default
  • 5 days Iran Prepares To Export LNG To Boost Trade Relations
  • 5 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 6 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 6 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 6 days Rosneft Announces Completion Of World’s Longest Well
  • 6 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 6 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 6 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 6 days Santos Admits It Rejected $7.2B Takeover Bid
  • 7 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 7 days Africa’s Richest Woman Fired From Sonangol
  • 7 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 7 days Russian Hackers Target British Energy Industry
  • 7 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
Alt Text

Norway’s $35B Oil Stock Dump Could Hurt The Industry

The world’s largest sovereign wealth…

Alt Text

Don’t Back U.S. Shale To Keep Oil Prices Down

The common assumption that U.S.…

Ag Metal Miner

Ag Metal Miner

MetalMiner is the largest metals-related media site in the US according to third party ranking sites. With a preemptive global perspective on the issues, trends,…

More Info

Australia Reverses Ban on Selling Uranium to India

Australia Reverses Ban on Selling Uranium to India

In a major policy change, Australian Prime Minister Julia Gillard declared on Nov. 15 that her ruling Labour Party would reverse its ban on selling uranium to India.

Australia-based environmental news agency ECO News reported that the Australia India Business Council (AIBC) has welcomed Australian Prime Minister Julia Gillard’s support for uranium exports to India. ECO News quoted AIBC Chairman Arun Sharma as saying that the move was in Australia’s broader national interest and would strengthen ties with India.

The AIBC was set up in 1986 following recognition of the enormous trade potential between the two countries by the prime ministers of the day, Bob Hawke of Australia and Rajiv Gandhi of India.

Uranium currently contributes over A$750 million to the Australian economy. Australia has close to 40 percent of the world’s low-cost uranium supply and is the world’s third-largest exporter, with most of its exports going to the US, Japan and South Korea.

United States President Barack Obama has also virtually backed Australian PM’s plans to sell uranium to India, saying it “seemed to be compatible with international law and the Non-Proliferation Treaty.”

Indian Prime Minister Manmohan Singh and his Australia’s Gillard met in Bali on Nov. 19 for brief talks, moving discussions forward on selling uranium to India and also reviewing their strategic partnership. Gillard made it clear that she would move her proposal forward to lift the ban on uranium sale to India.

India quickly hailed Gillard’s move. Indian Commerce, Industry and Textiles Minister Anand Sharma welcomed Australia’s decision to reverse the ban on selling uranium to India. Sharma, who met the premier of New South Wales, Barry O’Farrell, said this decision was in line with the strategic nature of the relationship between the two countries.

Market observers say that Gillard will be under pressure to get her party to agree to her proposal even though India is not a signatory to the Nuclear Non-Proliferation Treaty (NPT). The final decision rests with Gillard’s Labour party, which will meet next month.

For the past four years, the Labour government has linked uranium exports to India signing the 1970 NPT. However, Australia had supported the NSG waiver for India in 2008, and since then, India has maintained that it would wait for Australia to make its own decision on uranium sales.

India has an indigenous nuclear power program and expects to have 20,000 MWe nuclear capacity by 2020 and 63,000 MWe by 2032. The country aims to supply 25 percent of its electricity from nuclear power by 2050 and for that to happen, India needs uranium, a key fuel for nuclear power generation. India’s domestic uranium reserves are small and the country is heavily dependent on uranium imports to fuel its growing nuclear power industry.

India’s energy demand has nearly doubled during the last decade with the rising economy. India is now the world’s fourth-largest energy consumer. In terms of energy mix, India relies heavily on coal, oil and natural gas. But during the last decade, India has enhanced its nuclear power generation program.

India signed a civilian nuclear deal with the United States in 2005, and in 2008, Nuclear Suppliers Group (NSG) granted India a waiver to commence civilian nuclear trade. After the NSG waiver, India signed uranium supply agreements with Russia, France, Canada, Kazakhstan, Namibia, Mongolia and Argentina.

Before the US-India civilian nuclear deal, Russia was India’s only uranium supply source. Russia had helped India build the Kudankulam power station in South India and Russia has recently pledged to help India build four new nuclear power plants.
Although India currently has 20 nuclear reactors in six power plants, nuclear power supplies less than 3 percent of India’s energy needs.

By. TC Malhotra

MetalMiner is the largest metals-related media site in the US according to third party ranking sites. With a preemptive global perspective on the issues, trends, strategies, and trade policies that will impact how you source and/or trade metals and related metals services, MetalMiner provides unique insight, analysis, and tools for buyers, purchasing professionals, and everyone else for whom metals and their related markets matter.




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News