Dharmendra Pradhan said that India and the United States are also in advanced stages of discussion on crude oil storage.
Washington:
India and the United States have signed a memorandum of understanding to develop a strategic oil reserve in America and the two countries are at an advanced stage of discussions to stockpile crude oil in America in order to increase stocks of l ‘India said Union Minister of Petroleum and Natural Gas Dharmendra Pradhan on Friday.
Mr. Pradhan co-chaired with his US counterpart, Energy Secretary Dan Brouillette, a virtual ministerial meeting of the United States-India energy strategic partnership.
“We have signed a memorandum of understanding to begin cooperation on the strategic oil reserve. We are also in an advanced phase of discussion on the storage of crude oil in the American strategic reserve to increase the strategic oil stock of the India, “Pradhan told reporters in a joint press conference.
Responding to a question, the Minister said that the memorandum on cooperation in the area of strategic oil reserves was based on a proposal by the United States after the recent historic drop in oil prices during the coronavirus pandemic.
Following the historic decline in the global crude oil process, the Indian government has actively considered increasing its domestic and overseas oil stocks in countries like the United States, he said. declared.
Very soon, the government will present a concrete roadmap and a proposal on how to deploy it, said Pradhan, adding that it would also include that New Delhi can invest in an American storage facility for the needs of India. .
Cooperation under the strategic oil reserves program will further enhance India’s energy security and pave the way for greater U.S. investment and collaboration in India’s future RPD programs, said the minister.
Brouillette said the memorandum of understanding signed on Friday will set the process for moving forward.
“What we would like to do is start the process of sharing with India, the establishment of a strategic reserve. And then, how does our SPR or Strategic Petroleum Reserve work here?” he said.
“It might end up looking like what we did with Australia, but there is no predetermined outcome as to where this conversation will develop. We are delighted to start the conversation with India. We think it’s important to both our nations, “said the US Secretary of Energy in response to a question.
The State Department said the memorandum of understanding on the Strategic Petroleum Reserve will guarantee a constant supply of energy, protect national security and promote regional and global stability.
“The US-India strategic energy partnership works to support sustainable energy development in the 21st century and beyond. We are collaborating in research on renewable energy, smart grids and unconventional and clean energy sources for the good of our people, now and in the future, “said the South and Central Asia Office of State Department in a tweet.
A broad substantive debate on the different pillars of the energy partnership between India and the United States took place during the ministerial meeting on the strategic energy partnership between India and the United States, said the ambassador of India in the United States, Taranjit Singh Sandhu.
Minister Pradhan said during the meeting he expressed his willingness to work closely with the United States government to realize the “full potential of our strategic energy partnership” and also invited the United States government and business to join our initiatives as part of the Atmanirbhar mission to further strengthen the strategic energy partnership. “
Affirming that relations between India and the United States have experienced significant growth and expansion in recent years, in particular thanks to the energy component, the minister said that the Strategic Energy Partnership was now recognized as a key element of this bilateral engagement.
“Our meeting today reflects both our government’s commitment to further invigorate this partnership. It is indeed welcome that despite the challenges of the COVID-19 situation, we are committed to strengthening our ties and work together on mutually aligned priorities, “he said.
India and the United States have made rapid progress in increasing bilateral trade in hydrocarbons over the past three years, he said.
“Our bilateral hydrocarbon trade touched $ 9.2 billion in 2019-2020, an increase of 93% from 2017-18 figures,” said Mr. Pradhan.
The Indian government is committed to transforming India into a gas economy and to universalize the supply of electricity to all households, he said.
“Teams from our two countries are working to develop high-efficiency technologies with low to zero emissions through carbon capture, use and storage,” he said.
Created in April 2018 under the leadership of President Donald Trump and Prime Minister Narendra Modi, recognizing the strategic importance of energy in American-Indian bilateral relations, the PES builds on the long-standing energy partnership of the two countries and paves the way for meaningful engagement through government-to-government cooperation and industry engagement.
