India considers plan to store oil in US; inks MoU for cooperation on strategic petroleum reserves

The Centre Friday signed MoUs with the United States on cooperation on strategic petroleum reserves and boosting collaboration in areas including bio-energy, renewable energy in agriculture and high-efficiency coal technologies with low emissions, at the meeting of the US-India Strategic Energy Partnership. Union Oil Minister Dharmendra Pradhan co-chaired the meet with US Secretary of Energy Dan Brouillette via video conferencing.

The two countries signed a memorandum of understanding (MoU) to begin cooperation on operation and maintenance of strategic petroleum reserves, including exchange of information and best practices, and also discussed the possibility of India storing oil in the US Strategic Petroleum Reserve to increase India’s strategic oil stockpile, a joint statement issued Friday said.