U.S. - INDIA'S TIES
PLATTS- The first meeting of the US and India's Strategic Energy Partnership took place in New Delhi on Tuesday, aimed at developing greater synergies between the two countries in the oil and gas sector.
The partnership came out of last year's meeting between Indian Prime Minister Narendra Modi and US President Donald Trump in Washington, where the two countries pledged to enhance cooperation in the field of energy.
The partnership sets the stage for deeper and more meaningful engagements through government and industry channels, according to a joint statement released after the meeting, which was co-chaired by US Energy Secretary Rick Perry and Indian Oil Minister Dharmendra Pradhan.
Oil and gas is seen as the priority area for future cooperation, followed by power and energy efficiency, then renewable energy and coal.
A joint task force will make recommendations on how India, the world's third-biggest energy consumer, can transition towards being a gas-based economy in order to fulfill Prime Minister Modi's target of doubling the share of gas in the overall energy mix to around 15% in next four to five years.
"Our collaboration will be a win-win for all," Pradhan told reporters.
Pradhan said India offers attractive oil and gas markets for the US as the country is the fastest-growing large economy, with 8% annual growth in energy consumption.
The minister said India would benefit from increasing bilateral cooperation with the US in the medium term, with the further expansion of the US's shale oil revolution in the US would meet two-thirds of the global oil demand growth in next five years.
India, the world's third-largest oil consumer, received its first US crude cargoes on the east coast after a gap of 42 years.
The growing bilateral relationship was underlined last month with the arrival of a US LNG cargo from Sabine Pass under a 20-year term contract between state-run gas utility GAIL and US LNG exporter Cheniere Energy.
"Our two governments will continue to discuss new potential areas of cooperation," Perry said, adding that the countries would work on strategic petroleum reserves and technology sharing in the oil and gas sector.
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