Indo-US Energy Trade to Touch US$ 10 Billion in FY20: Dharmendra Pradhan

According to Union Petroleum Minister Mr. Dharmendra Pradhan, the energy trade between India and US is likely to touch US$ 10 billion in the financial year 2019-20, with increase in import of crude oil, LNG and coking coal.

The valuation of the bilateral trade last year stood at US$ 7 billion.

The Minister said, “In 2018-19, our energy trade size is $7 billion with the US. It is increasing this year, as we are importing crude oil, LNG, coal, especially the special category of coal. Our energy bridge is very robust with the world community and America is an important destination.”

He added that the supplies from US helped in controlling the price rise in India after there was concerns regarding the supply shortage in the market in the after effect of the attacks on a Saudi Aramco’s facility.

“What would have been in the present geopolitical scenario. Attack on installation of Saudi Aramco, a drone attack or a cyber-attack on an Iranian ship… All media said this is a crisis… the biggest crisis in 50 years. It is only because of American shell oil that there is a reasonable balance,” Pradhan said.

American companies were also invited to invest in the energy technology and said that India is among those countries, which would grow in next two decades.

Source:IBEF

Image Courtesy: The Maritime Executive