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First US Crude Oil Shipment to India After 1975

2017-10-11 | 10pm

At Odisha's Paradip Port, the first in a series of shipments of United States crude oil has made its arrival in India on Monday. The United States Consul General to Hyderabad Katherine Hadda, Joint Secretary for International Cooperation from the Ministry for Petroleum and Natural Gas Sunjay Sudhir and Joint Secretary Americas Division, from the Ministry of External Affairs Munu Mahawar have met the shipment. Since 1975, there was no oil exports from U.S, as it has stopped them. However, this is one of the first shipments to India after 1975 which will be followed by some other significant commitments to the US oil purchases by Indian Oil Corporation and Bharat Petroleum. According to the reports, orders for more than two million barrels have been placed by the IOC and BPCL from the United States. With the U.S. crude oil shipments to India, it has the capability to enhance the bilateral trade by up to two billion dollars. MaryKay Carlson, Charge d'Affaires at the U.S. Embassy stated, “This event marks a significant milestone in the growing partnership between the United States and India. The United States and India are elevating our cooperation in the field of energy, including plans for cleaner fossil fuels, renewables, nuclear, and cutting edge storage and energy efficiency technologies. We look forward to working together on further sales of U.S. crude and exploring opportunities to expand the role of natural gas in India.” Consul General Hadda stated, “Energy and energy security are pillars of any strong economy. The United States looks forward to expanding our cooperation with India in this area, in my consular district of Odisha, Andhra Pradesh, and Telangana, our partnerships with various stakeholders on clean energy projects will continue to strengthen.” On June 26, a meeting was held in Washington between the United States President Donald Trump and Prime Minister Narendra Modi, where they planned for the expansion and elevation of bilateral energy cooperation through a Strategic Energy Partnership. With a rational approach both the leaders balances environment and climate policy, global economic development, and energy security needs. The U.S. President also made some significant affirmation of removal of all the barriers to energy development and investment in the United States and to U.S. energy exports. This will lead to the availability of more natural gas, clean coal, and renewable resources and technologies to enhance the economic growth and inclusive development of India. .