Indo-US energy trade to touch $10 billion in FY20: Pradhan

Indo-US energy trade to touch $10 billion in FY20: Pradhan

India's energy trade with the US is likely to touch $10 billion in financial year 2019-20, with the country having increased its import of crude oil, LNG and coking coal, said Union Petroleum Minister Dharmendra Pradhan on Monday.

Last year, the bilateral energy trade valuation stood at $7 billion.

"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," Pradhan told reporters on the sidelines of the India-US Strategic Partnership Summit.

The Minister said supplies from the US had helped control a likely price rise in India after supply shortage concerns gripped the market in the aftermath 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.

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

Source: IANS