India's energy trade with US to jump 40% to $10 billion in FY20: Dharmendra Pradhan

Mounting geopolitical uncertainties, rising US oil and gas production, and India's insatiable energy appetite has created both the need and the opportunity for the two nations to lift bilateral energy ties to a new level.

India's energy trade with the US is likely to jump by over 40 percent to $10 billion in 2019-20, as the world's third-largest oil consumer seeks to move away from its traditional suppliers in the Middle East, Oil Minister Dharmendra Pradhan said on October 21.

Mounting geopolitical uncertainties, rising US oil and gas production, and India's insatiable energy appetite has created both the need and the opportunity for the two nations to lift bilateral energy ties to a new level.

India in October 2017 began importing crude oil from the US and in March 2018 it got the first shipment of liquefied natural gas (LNG) from there.

In the last one year, the import of US crude oil has doubled and New Delhi is now closing on the biggest long-term LNG import deal.

 

Source : https://www.moneycontrol.com/news/business/economy/indias-energy-trade-with-us-to-jump-40-to-10-billion-in-fy20-dharmendra-pradhan-4554841.html

Smart Grid Bulletin October 2019


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