India-US collaborate on clean energy
Indian Oil Corporation Limited and ExxonMobil India LNG Limited have signed a Letter of Cooperation (LoC) for increasing imports of US LNG to the Indian market.
Elaborating on the deal, Petroleum and Natural Gas Minister Dharmendra Pradhan said this is an initiative incubated under the India-US Gas Task Force.
As such, India-US collaboration in development of clean energy is progressing well, he added.
The India-US Gas Task Force constituted in 2018 under the Strategic energy Partnership is doing pioneering work in line with India’s vision of becoming a gas-based economy.
The Task Force is providing innovative policy recommendations to expedite development of gas-based economy in India.
It needs to be aligned to support India’s ambitious renewable and clean energy targets by supporting research and deployment of clean energy technologies.
There is also an opportunity for massive infusion of capital in such innovative ventures.
“With India emerging as one of the fastest growing energy markets, we look forward to greater infusion of US technology, innovation and capital in India’s upstream, midstream and downstream sectors,” said the Minister
The LoC was signed with Chart Industries Inc during President Donald Trump’s State visit to India 24-25 Feb 2020.
The Minister gave details at the “India-US Business Story: Opportunity, Innovation, Entrepreneurship” which was jointly organized by CII, USIBC, Ananta Centre and Indiaspora with a focus on energy cooperation between India and US on 25 Feb 2020.
US, emerging as the 6th largest source for crude oil imports, is a significant development. India is also now the 4th largest export destination for US crude.
“Our LNG imports from US are also increasing progressively ever since the imports started in March 2018. India is now the 5th largest destination of US exports of LNG.”
India’s bilateral hydrocarbon trade has increased exponentially during the last three years, and it touched US$7.7 billion-mark last year, accounting for 11% of total two-way trade.
These developments are reflective of a new and emerging dynamic between the two countries.
“Both Secretary Dan Brouillette and I have agreed that there is a need now to develop industry-level engagements for technology infusions as well as investment partnerships in the energy sector.”
On 24 Feb 2020. Secretary Brouillette and Pradhan reviewed the ongoing strategic energy partnership.
“We are planning the next Ministerial meeting of the Strategic Energy Partnership in April this year for deepening engagements at government and industry channels,” the Minister informed. fiinews.com
