India-US trade has potential to reach $500 billion mark, says Puri

He termed the US-India Strategic Clean Energy Partnership as a cornerstone of future collaboration between the two countries

The United States is India's sixth largest energy trade partner and the growing bilateral trade has the potential to cross the $500 billion-mark from $ 200 billion at present, Petroleum Minister Hardeep Singh Puri has said.

The hydrocarbon trade between the two countries has reached $13.6 billion in 2023-24 -- nearly double the figure from 2018-19, Puri said at a roundtable with energy companies.

The roundtable, held on the sidelines of the global energy conference Gastech 2024, here was attended by Mukesh Aghi, President and CEO of USISPF, and Consul General of India in Houston, D C Manjunath, among others.

 

Puri said that the US is now India's sixth-largest energy trade partner, with hydrocarbon trade valued at $2.43 billion in the first two months of FY 2024-25.

This momentum indicates the potential for total bilateral trade to soar from around $200 billion to over $500 billion, he said.

During his visit the minister also engaged with stakeholders from the US-India Business Council (USIBC), the US-India Strategic Partnership Forum (USISPF), and industry leaders to underscore the significance of the US-India energy partnership.

The conference was organised by USISPF, an advocacy group dedicated to strengthening the strategic partnership between the US and India.

Puri highlighted India's leadership during its G20 Presidency, where it launched the Global Biofuels Alliance in collaboration with the US and other like-minded countries.

This initiative aims to develop and deploy low-carbon solutions, further reinforcing the commitment to sustainable energy practices.

In a meeting with Brad Crabtree, Assistant Secretary of the Office of Fossil Energy and Carbon Management at the US Department of Energy, Puri discussed the unique challenges India faces as the third-largest hydrocarbon consumer while aiming for net zero emissions by 2070.

The discussion covered issues such as carbon capture, utilization, and storage (CCUS) as a vital solution for enhancing energy security and emissions reduction, alongside advancements in CO2 removal and innovative biofuels.

Puri also hailed the signing of four crucial agreements between IGL Social and American counterparts at the India Pavilion, saying these pacts pave the way for new clean energy initiatives and contributing to India's resilience and self-sufficiency in energy under Prime Minister Narendra Modi's leadership.

Engaging with leaders from Vitol, Baker Hughes, and Woodside Energy, Puri explored opportunities for investment and collaboration to meet India's increasing energy demands sustainably.

The discussions focused on leveraging advanced technologies in hydrogen, geothermal energy, and carbon capture, with Baker Hughes providing cutting-edge solutions for deepwater exploration and emissions reduction.

Puri also encouraged Shell USA to participate in the upcoming rounds of the Open Acreage Licensing Policy (OALP) bidding, highlighting the ministry's efforts to improve the "ease of doing business" in the exploration and production sector.

Shell executives expressed confidence in India's growth story and showed keen interest in its rapidly developing LNG sector.

The minister also participated in the 'Ek Ped Maa Ke Naam' initiative at the Consulate General of India, and planted a sapling as a symbol of reverence for the mother nature.