New Delhi, India and United States of America signed MOU to begin discussions on storing petroleum reserves in the United States soil. A virtual meeting of United States-India Strategic Energy Partnership Ministerial was held between the Union Minister of Petroleum and Natural Gas Shri Dharmendra Pradhan and Energy Secretary of United States Dan Brouillette.
With the significant drop in crude oil prices global, India is actively increasing its oil stockpiles both inside the country and outside the country.
US-India Strategic Energy Partnership
The U.S.-India Energy Cooperation works to support sustainable energy development. Under this, the nations collaborate on smart grids, renewable energy, clean energy and unconventional sources of energy.
According to Agreement, India-United States has surge their hydrocarbon trade in the previous 3 years. The bilateral hydrocarbon trade was $9.2 billion between 2019-20.
India and United States of America are currently working on carbon capture, utilization and storage.
The Indian Strategic Petroleum Reserves Limited (Under Ministry of Petroleum and Natural Gas) is the Petroleum industry company responsible for maintaining strategic petroleum reserves of India.
The Indian Strategic Petroleum Reserves Limited maintains emergency fuel store of 5.33 million metric tons (36.92 million barrels) that is enough to provide 10 days of consumption.
The ISPRL has 3 underground storages namely Mangalore (Karnataka) , Padur (Kerala) and Visakhapatnam (Andhra Pradesh).
In 2017, Late. Arun Jaitley the finance minister declare 2 more petroleum reserves in india are to be set up in Bikaner (Rajasthan) and Chandikhole (Odisha). finance minister, further said the capacity of Padur (Kerala) petroleum reserve is to be doubled in coming years. These additional petroleum reserves will increase from 5.33 million metric tons to 12.33 million metric tonnes.
India US signs MoU to store strategic reserves of petroleum India US signs MoU to store strategic reserves of petroleum