India-U.S. sign MoU to develop a strategic petroleum reserve in America

A memorandum of understanding (MoU) to develop a strategic petroleum reserve in America has been signed between India and the United States, said Union Minister of Petroleum and Natural Gas Dharmendra Pradhan adding further that the two nations are in advanced stage of discussion to store crude oil in America in order to increase India’s stockpile.

Adding further, he said that the government will soon come out with a complete road map and proposal on how it can be unfolded. The move will further boost and deepen India’s energy security and will also pave the way for greater US investments and collaborations in India’s future SPR programmes.

The move came on a proposal from the U.S. after the recent historic drop in oil prices during the Coronavirus pandemic, said the Union Minister who co-chaired a virtual US-India Strategic Energy Partnership Ministerial with his American counterpart Energy Secretary Dan Brouillette.

Photo Credit : https://en.wikipedia.org/wiki/File:The_Union_Minister_for_Petroleum_%26_Natural_Gas,Shri_Dharmendra_Pradhan_being_greeted_by_the_Secretary,_Ministry_of_Petroleum%26_Natural_Gas,Dr._M.M._Kutty,_in_New_Delhi_on_May_31,_2019(cropped).jpg

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