News  NEWS

US crude oil import to India could boost bilateral trade by up to $2 billion: US embassy

320 times viewed
Source: The Economic Times
Tuesday, October 03, 2017

 NEW DELHI: The US crude oil import to India could boost bilateral trade by up to $2 billion, the US Embassy said in a statement after the first shipment reached the East Coast on Monday. 


Indian Oil received the first cargo of 1.6 million barrels of crude oil at the Paradip Port, and plans to process this at its refineries in the eastern region, the company said in a statement. 

Indian Oil has placed a cumulative order of 3.9 million barrels of US crude while Bharat Petroleum and Hindustan Petroleum have ordered 2.95 million barrels and 1 million barrels respectively for their Kochi and Vizag refineries from the US. State refiners together have contracted 7.85 million barrels of US crude, Indian Oil said. 

The three refiners are sourcing sweet, sour and heavy crudes for their refineries which are equipped to handle complex mix of crude oils. 

The US stopped oil exports in 1975 and has only begun exporting now following the shale revolution that dramatically raised its output, prompting it to turn a net exporter. Heavy oil consumers like India, mostly dependent on supplies from the Middle-East, are attractive for US producers. 
 

"The United States and India are elevating our cooperation in the field of energy, including plans for cleaner fossil fuels, renewables, nuclear, and cutting edge storage and energy efficiency technologies. We look forward to working together on further sales of US crude and exploring opportunities to expand the role of natural gas in India," MaryKay Carlson, Charge d'Affaires at the US Embassy in New Delhi said. 



Comments:

28-Nov-2017
By JimmiNil
DiIfN0 http://www.LnAJ7K8QSpfMO2wQ8gO.com

29-Nov-2017
By JimmiNil
H2nDwe http://www.LnAJ7K8QSpfMO2wQ8gO.com



Post Your Comment:

Name:*
    
E-mail:*
    
Comments:*
    


Also Read:

»

To revive projects, gas-based power companies seek subsidised natural gas imports

»

Power Minister meets banks on stressed power assets, NTPC floats tender

»

IFC bets on green power, invests $15 million in CleanMax Solar

»

Cabinet nod soon for hydro power policy: R K Singh

»

Over 60,000 petrol pumps in India, 45% jump in 6 years

»

NTPC looks to acquire stressed commissioned plants

»

Second round of auction of DSFs likely by January-end

»

ArcelorMittal says 29% in Uttam Galva no hindrance to stressed asset bidding

»

Moody's upbeat on steel sector,says Tata Steel to benefit most

»

Karnataka government, regulator spar over wind power tariffs

News  NEWS ARCHIVE
   
Home | Recent News | Privacy Policy | Disclaimer | Feedback | Sitemap | Contact Us

© Copyright Power Hub 2012-2014, All rights reserved.