India entered into a memorandum of understanding with the US for cooperation on operation and maintenance of strategic petroleum reserves, as per news report. This would also include enhancing collaboration with respect to bio-energy, agri renewable energy and low emission coal technologies.
As per the MoU signed at the US-India Strategic Energy Partnership meet, the two countries would also work towards exchange of information and best practices. Moreover, the possibility of India storing oil in the US Strategic Petroleum Reserve was discussed to boost the country’s strategic oil stockpile, according to a joint statement issued on Friday. The meeting, via video conferencing, was co-chaired by Oil Minister Dharmendra Pradhan with US Secretary of Energy Dan Brouillette.
The centre looked to benefit from the decline in crude prices in March and April to fill India’s 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.
The minister noted that the bilateral hydrocarbons trade hit $9.2 billion in 2019-20, contributing 10 percent of the overall bilateral trade and significantly narrowing the India-US trade deficit.
