New Delhi: A day after US President Donald Trump claimed PM Narendra Modi has assured him that India would stop buying oil from Russia, the Centre on Thursday said Washington has shown interest in deepening energy cooperation with New Delhi, and discussions are currently underway between the two nations.
The Ministry of External Affairs (MEA), in a statement, said that where the US is concerned, “we have for many years sought to expand our energy procurement”.
“This has steadily progressed in the last decade. The current Administration has shown interest in deepening energy cooperation with India. Discussions are ongoing,” the MEA said.
Trump on Wednesday said he has been “assured” that India won’t be buying oil from Russia, while adding that he understands that it can’t be done “immediately”.
The MEA statement said that India is a significant importer of oil and gas. “It has been our consistent priority to safeguard the interests of the Indian consumer in a volatile energy scenario. Our import policies are guided entirely by this objective,” according to the statement.
It further stated that ensuring stable energy prices and secured supplies have been the twin goals of our energy policy. “This includes broad-basing our energy sourcing and diversifying as appropriate to meet market conditions,” according to the MEA.
Despite the 50 per cent tariff hike imposed by the Trump administration, India’s exports to the US rose to $45.82 billion in the first half of the current financial year (April-September), which represents a 13.3 per cent increase over the corresponding figure of $40.42 billion in the same period last year.
The Commerce Ministry has stated that India can import more crude oil and natural gas worth $12-$13 billion from the US without altering the configuration of the refineries. This government is keen to diversify the country’s energy import portfolio, subject to availability at the right price.
Meanwhile, India’s Chief Negotiator Rajesh Agrawal left for the US on Wednesday, as the negotiating team is already in the US and discussions are underway on bilateral commitments. India is also likely to source more renewable energy technologies from the US as part of the trade package, a step that will help the country fight climate change.
