The U.S. and India have signed a memorandum of understanding (MoU) outlining cooperation on the operation and maintenance of strategic petroleum reserves (SPRs).
U.S. Secretary of Energy Dan Brouillette and Indian Minister of Petroleum and Natural Gas and Minister of Steel Dharmendra Pradhan signed the MoU at a meeting to discuss the progress and achievements of the U.S.-India Strategic Energy Partnership (SEP), set up in April 2018 by U.S. President Donald Trump and Indian Prime Minister Narendra Modi.
The deal could include India storing oil in the U.S. SPR. Brouillette said the two countries will look at sharing the establishment of a SPR, and how India could store oil in the U.S. SPR in underground caverns in Texas and Louisiana. Storing oil in the U.S. SPR would allow India to increase its strategic oil stockpile.
A number of other MoUs, agreements and statements of intent were also signed at the same meeting. These included the U.S. supporting the energy transition in India, supporting energy access and efficiency in India, and information exchange in oil and gas regulatory frameworks, as well as a letter of cooperation between ExxonMobil and Chart Industries IOCL on stimulating LNG demand.
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