India • Dharmendra Pradhan • Energy • Oil reserves • Dan Brouillette • Global strategic petroleum
Channel: 11 World News & Stats
Date: 2020-07-18

India and the US have signed an MoU to develop a strategic petroleum reserve and the two countries are in advanced stage of discussion to store crude oil in America to increase India's stockpile, Union Minister of Petroleum and Natural Gas Dharmendra Pradhan said on Friday.

Pradhan co-chaired with his American counterpart Energy Secretary Dan Brouillette a virtual US-India Strategic Energy Partnership Ministerial. 
"We have signed a memorandum of understanding (MoU) to begin co-operation on strategic petroleum reserve. We are also in advanced phase of discussing of storing crude oil in US strategic reserve to increase India's strategic oil stockpile," Pradhan told reporters in a joint telephonic press conference. Responding to a question, the minister said the memorandum on cooperation in the field of strategic petroleum reserve was based on a proposal from the US after the recent historic drop in oil prices during coronavirus pandemic.

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