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India considers plan to store oil in US; inks MoU for cooperation on strategic petroleum reserves

The two countries signed a memorandum of understanding (MoU) to begin cooperation on operation and maintenance of strategic petroleum reserves, including exchange of information and best practices, a joint statement issued Friday said.

By: ENS Economic Bureau | New Delhi | July 18, 2020 1:00:32 am
Dharmendra Pradhan, India-US oil deal, oil minister, economy news, indian express news Union Oil Minister Dharmendra Pradhan co-chaired the meet with US Secretary of Energy Dan Brouillette via video conferencing. (File photo)

The Centre Friday signed MoUs with the United States on cooperation on strategic petroleum reserves and boosting collaboration in areas including bio-energy, renewable energy in agriculture and high-efficiency coal technologies with low emissions, at the meeting of the US-India Strategic Energy Partnership. Union Oil Minister Dharmendra Pradhan co-chaired the meet with US Secretary of Energy Dan Brouillette via video conferencing.

The two countries signed a memorandum of understanding (MoU) to begin cooperation on operation and maintenance of strategic petroleum reserves, including exchange of information and best practices, and also discussed the possibility of India storing oil in the US Strategic Petroleum Reserve to increase India’s strategic oil stockpile, a joint statement issued Friday said. The central government took the opportunity of the fall in crude prices in March and April to fill the nation’s currently operational strategic petroleum reserve storage.

“Apart from fostering bilateral energy trade and investments, we are seeking to align energy cooperation with energy security, expand energy and innovation linkages across our respective energy sectors, facilitate increased industry and stakeholder engagement as well as institutions of excellence from both countries,” said Pradhan, also noting that bilateral hydrocarbons trade touched $9.2 billion during 2019-20, accounting for 10 per cent of the overall bilateral trade and significantly reducing the trade deficit between the two countries.

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