The United States is India’s sixth largest energy trade partner and the growing bilateral trade has the potential to cross the USD 500 billion-mark from USD 200 billion at present, Petroleum Minister Hardeep Singh Puri has said.
The hydrocarbon trade between the two countries has reached USD 13.6 billion in 2023-24 nearly double the figure from 2018-19, Puri said at a roundtable with energy companies. The roundtable, held on the sidelines of the global energy conference Gastech 2024, here was attended by Mukesh Aghi, President and CEO of USISPF, and Consul General of India in Houston, D C Manjunath, among others.
Puri said that the US is now India’s sixth-largest energy trade partner, with hydrocarbon trade valued at USD 2.43 billion in the first two months of FY 2024-25.
This momentum indicates the potential for total bilateral trade to soar from around USD 200 billion to over USD 500 billion, he said.
During his visit the minister also engaged with stakeholders from the US-India Business Council (USIBC), the US-India Strategic Partnership Forum (USISPF), and industry leaders to underscore the significance of the US-India energy partnership.
The conference was organised by USISPF, an advocacy group dedicated to strengthening the strategic partnership between the US and India. Puri highlighted India’s leadership during its G20 Presidency, where it launched the Global Biofuels Alliance in collaboration with the US and other like-minded countries.
This initiative aims to develop and deploy low-carbon solutions, further reinforcing the commitment to sustainable energy practices.
In a meeting with Brad Crabtree, Assistant Secretary of the Office of Fossil Energy and Carbon Management at the US Department of Energy, Puri discussed the unique challenges India faces as the third-largest hydrocarbon consumer while aiming for net zero emissions by 2070.
The discussion covered issues such as carbon capture, utilization, and storage (CCUS) as a vital solution for enhancing energy security and emissions reduction, alongside advancements in CO2 removal and innovative biofuels.
