The US is India’s sixth largest vitality commerce associate and the rising bilateral commerce has the potential to cross the $500 billion-mark from $200 billion at current, Petroleum Minister Hardeep Singh Puri has stated. The hydrocarbon commerce between the 2 international locations has reached $13.6 billion in 2023-24 — practically double the determine from 2018-19, Puri stated at a roundtable with vitality corporations.
The roundtable, held on the sidelines of the worldwide vitality convention Gastech 2024, at Houston was attended by Mukesh Aghi, President and CEO of USISPF, and Consul Basic of India in Houston, DC Manjunath, amongst others.
Hardeep Puri stated that the US is now India’s sixth-largest vitality commerce associate, with hydrocarbon commerce valued at $2.43 billion within the first two months of economic yr 2024-25. This momentum signifies the potential for complete bilateral commerce to soar from round $200 billion to over $500 billion, he stated.
Throughout his go to the minister additionally engaged with stakeholders from the US-India Enterprise Council (USIBC), the US-India Strategic Partnership Discussion board (USISPF), and business leaders to underscore the importance of the US-India vitality partnership.
The convention was organised by USISPF, an advocacy group devoted to strengthening the strategic partnership between the US and India.
Puri highlighted India’s management throughout its G20 Presidency, the place it launched the World Biofuels Alliance in collaboration with the US and different like-minded international locations.
This initiative goals to develop and deploy low-carbon options, additional reinforcing the dedication to sustainable vitality practices.
In a gathering with Brad Crabtree, Assistant Secretary of the Workplace of Fossil Vitality and Carbon Administration on the US Division of Vitality, Puri mentioned the distinctive challenges India faces because the third-largest hydrocarbon client whereas aiming for web zero emissions by 2070.
The dialogue lined points resembling carbon seize, utilization, and storage (CCUS) as an important resolution for enhancing vitality safety and emissions discount, alongside developments in CO2 removing and progressive biofuels.
Puri additionally hailed the signing of 4 essential agreements between IGL Social and American counterparts on the India Pavilion, saying these pacts pave the way in which for brand new clear vitality initiatives and contributing to India’s resilience and self-sufficiency in vitality below Prime Minister Narendra Modi’s management.
Partaking with leaders from Vitol, Baker Hughes, and Woodside Vitality, Puri explored alternatives for funding and collaboration to satisfy India’s growing vitality calls for sustainably.
The discussions targeted on leveraging superior applied sciences in hydrogen, geothermal vitality, and carbon seize, with Baker Hughes offering cutting-edge options for deepwater exploration and emissions discount.
Puri additionally inspired Shell USA to take part within the upcoming rounds of the Open Acreage Licensing Coverage (OALP) bidding, highlighting the ministry’s efforts to enhance the ‘ease of doing enterprise’ within the exploration and manufacturing sector.
Shell executives expressed confidence in India’s development story and confirmed eager curiosity in its quickly growing LNG sector.
The minister additionally participated within the ‘Ek Ped Maa Ke Naam’ initiative on the Consulate Basic of India, and planted a sapling as a logo of reverence for the mom nature.
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