The first shipment of crude oil, a part of a bilateral deal between the US and India, arrived at the Paradip Port in Odisha today with the American embassy calling the development a significant milestone in the relationship between the two countries.
As a result of the two million barrels deal contracted by India from the US, the first shipment of crude oil amounting to 1.6 million barrels has arrived in India at the Paradip Port in Odisha. According to reports from Business Standard, the arrival is part of the contract entered into by the Indian Oil Corporation and Bharat Petroleum with the US. Both the companies have together placed an order for more than two million barrels of crude oil from the US and this purchase agreement is estimated to increase the bilateral trade between the countries by a whopping $2 billion.
MaryKay Carlson, Charge d’Affaires at the US Embassy has said that the shipment is a milestone in the blooming bond that India and the United States are experiencing at present.
She further said that both the countries are cooperating in improving the condition of the energy sector by opting to move towards cleaner fossil fuels, nuclear, renewable and energy efficiency technologies. The US Embassy also said that they are looking forward to increasing the sale of the US crude oil to India and exploring the opportunities that would lead to an expansion in the role of natural gas in the country.
It may be mentioned here that earlier in June, a Strategic Energy Partnership was signed between US President Donald Trump and Indian Prime Minister Narendra Modi in Washington for increasing the bilateral energy cooperation between the two countries. The duo also emphasized on a rational approach to balance economic development and environmental policy.