Washington, DC – US Secretary of Energy Rick Perry is scheduled to be in India at the end of February to further enhance bilateral energy trade, which is already booming after a June 2017 meeting between visiting Indian Prime Minister Narendra Modi and US President Donald Trump.
Since the meeting at the highest levels in the White House, India has received 3 shipments of US crude oil, worth an estimated $100 million. Given the market size and opportunities that India presents, the energy trade could touch up to $2 billion in the coming years, according to estimates.
Announcing the arrival on October 2, 2017, of the first-ever shipment of US crude oil in India, Secretary Perry said last year, “I am proud of the collaborative work between the United States and India that will increase jobs, economic stability, and national security in both countries.” Secretary Perry added, “I look forward to exploring new opportunities to expand the role of reliable, responsible, and efficient energy sources with our allies.”
With an eye on the position of India as the world’s fastest growing economy and consumer of energy, Secretary Perry will be visiting the country from February 27 – March 1.
In an effort to set the agenda for global energy markets in the decades to come, the US,India Strategic Partnership Forum (USISPF) recently led a group of high-level executives to meet with Secretary Perry in Washington, DC and discussed priority projects and issues in the oil and gas, coal, and renewable energy sectors.
“USISPF believes natural gas generation can be integrated with renewable energy to increase energy reliability and advance economic development in India and we’ve advocated for this discussion to be raised during the upcoming bilateral discussions in Delhi,” said Nolty Theriot, USISPF Vice President of Policy & Advocacy.
American energy companies have been investing in the Indian renewable energy sector since the launch of the National Solar Mission with great success.
“As a long-term investor in India, Air Products is keen to share its technology, know-how and investment capacity which can bring great value to the US and India alike,” said Richard Boocock, the President for Air Products’ Industrial Gases—Middle East, India, Egypt, and Turkey.
Highlighting the importance of the meeting with Perry, Boocock labeled the discussions as, “pivotal in determining the priorities for the upcoming US India Energy Bilateral.”
“Investments made by Air Products, which include the recent announcement to expand our Kochi Industrial Gas Complex to support the continued expansion of BPCL’s Kochi Refinery, demonstrate how we are applying US technology and know-how as a key enabler to the Make in India initiative, and how we intend to continue growing our presence and strong relationships in the region,” said Boocock.
Daniel Yergin, Vice Chairman of IHS Markit, was also in attendance and spoke of the relationship, saying, “Energy is an important part of the growing US-India relationship and gas-related exports are very significant contributions to environmental improvement.”
In a statement, USISPF stressed the belief that environment and energy are two pillars for enhanced strategic cooperation between the US and India. “As the country modernizes the electricity grid, security against cyber-attacks and grid stability will become an increasingly important area of collaboration between the two nations,” stressed the USISPF statement.