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US ready to give India technical aid for building strategic oil reserve

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CIOInsider Team

The United States administration said it is keen to enter into a comprehensive partnership with India in the energy sector and is willing to offer technical aide for building a strategic oil reserve.

US Ambassador to India India, Kenneth Juster confirmed the development. Juster explained that Washington is willing to provide technical assistance to enable India to set up a strategic petroleum reserve. It is worth noting that India's oil imports from the United States jumped sharply in 2018.

The deal is likely to benefit India which is again witnessing a rise in oil prices due to external factors. Petroleum and Natural Gas Minister Dharmendra Pradhan said on Monday that at least aviation turbine fuel and natural gas should come in the ambit of GST.

"We've appealed to Finance Minister that at least aviation turbine fuel & natural gas should come in the ambit of GST. I'm confident that at an appropriate time she will be able to convince GST Council to take this progressive decision," he said.

"We've invested around USD 60 billion to create a gas-based infrastructure in India. USD 58 billion investment is expected in 2 years in the Exploration & Production sector. New refineries & terminals, expanding market size, bio fuel are priority areas," he added. US Ambassador to India India Kenneth Juster confirmed the development. Juster explained that Washington is willing to provide technical assistance to help India set up strategic petroleum reserves. India's oil imports from the United States jumped sharply in 2018.

The development comes at a time when oil prices in India are again on the rise due to external factors including the recent drone attack on the biggest oil facility in Saudi Arabia. Such developments may introduce the some significant measures in the disturbed economy of India.

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