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US energy industry keen to invest in India

Business Finance

Press Trust of India  |  Washington 

A high-level delegation of American energy industry has expressed their interest in investing in India's fast expanding energy sector.

Yesterday, the delegation met US Energy Secretary Rick Perry and held talks, ahead of his visit to India later this month. The meeting was organised by the US India Strategic and Partnership Forum (USISPF).

Perry's visit to India comes as the two countries are exploring the possibilities of accelerating the pace of energy trade.

For the first time, the US is exporting Liquefied Natural Gas (LNG) to India following a meeting between Prime Minister Narendra Modi and President Donald Trump at the White House in June last year.

Since this meeting, India has received three shipments of US crude oil, worth an estimate of USD 100 million.

Given the market size and opportunities that India presents, the energy trade could touch up to USD 2 billion in the coming years. The export of US crude oil and LNG to India will create jobs, economic stability and provide energy security to both countries.

Energy is an important part of the growing US-India relationship and gas-related exports are very significant contributions to environmental improvement.

"These discussions are pivotal in determining the priorities for the upcoming US India Energy Bilateral. 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, president for Air Products' Industrial GasesMiddle East, India, Egypt, and Turkey.

"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 it is applying US technology and know-how as a key enabler to the Make in India initiative, and how they intend to continue growing presence and strong relationships in the region," he said.

"Energy is an important part of the growing US-India relationship and gas-related exports are very significant contributions to environmental improvement," Daniel Yergin, vice chairman of IHS Markit.

USISPF in a statement said, it believes that environment and energy are two pillars for enhanced strategic cooperation between the US and India.

American energy companies have been investing in the Indian renewable energy sector since the launch of the National Solar Mission with great success.

As the country modernises the electricity grid, security against cyber-attacks and grid stability will become an increasingly important area of collaboration between the two nations.

"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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, February 09 2018. 03:35 IST