Washington, D.C. February 7, 2018: In preparation for Secretary Perry’s upcoming inaugural visit to India, the US-India Strategic Partnership Forum (USISPF) led a group of high-level executives to meet with Secretary Perry in Washington, D.C. Today’s meeting was the first formal cabinet interaction between the Modi and Trump administrations on energy. The USISPF delegation, formed of senior U.S. energy executives with substantial investments in India, discussed priority projects and issues in the oil and gas, coal, and renewable energy sectors. As the world’s fastest growing economy and also the fastest growing consumer of energy, India has amplified its focus on developing alternative sources of energy. The country will be a key driver in the agenda that shapes global energy markets in the decades to come.
Richard Boocock, the President for Air Products’ Industrial Gases—Middle East, India, Egypt, and Turkey, attended the meeting and spoke about the opportunity, saying, “It has been an honor to meet with Secretary Perry during today’s meeting, arranged by the USISPF. These discussions are pivotal in determining the priorities for the upcoming U.S. India Energy Bilateral. As a long-term investor in India, Air Products is keen to share its technology, know-how and investment capacity which can bring great value to the U.S. and India alike. Investments made by Air Products, which include the recent announcement to expand our Kochi Industrial Gas Complex to support the continued expansion of BPCL’s Kochi Refinery, demonstrate how we are applying U.S. technology and know-how as a key enabler to the Make in India initiative, and how we intend to continue growing our presence and strong relationships in the region.” Daniel Yergin, Vice Chairman of IHS Markit, was also in attendance and spoke of the relationship, saying, “Energy is an important part of the growing U.S.-India relationship and gas-related exports are very significant contributions to environmental improvement.”
USISPF believes that environment and energy are two pillars for enhanced strategic cooperation between the U.S. and India. American energy companies have been investing in the Indian renewable energy sector since the launch of the National Solar Mission with great success. As the country modernizes the electricity grid, security against cyber-attacks and grid stability will become an increasingly important area of collaboration between the two nations. "USISPF believes natural gas generation can be integrated with renewable energy to increase energy reliability and advance economic development in India and we’ve advocated for this discussion to be raised during the upcoming bilateral discussions in Delhi," said Nolty Theriot, USISPF Vice President of Policy & Advocacy.
For the first time, the U.S. is exporting liquefied natural gas (LNG) to India following a meeting between Prime Minister Modi and President Trump at the White House in June 2017. Since this meeting, India has received 3 shipments of U.S. crude oil, worth an estimated $100 million. Given the market size and opportunities that India presents, the energy trade could touch up to $2 billion in the coming years. The export of U.S. crude oil and LNG to India will create jobs, economic stability and provide energy security to both countries.
About the U.S.-India Strategic Partnership Forum (USISPF):
The U.S.-India Strategic Partnership Forum is committed to creating the most powerful strategic partnership between the U.S. and India. Promoting bilateral trade is an important part of our work, but our mission reaches far beyond this. It is about business and government coming together in new ways to create meaningful opportunities that have the power to change the lives of citizens.
Headquartered in Washington, D.C., USISPF has offices in New York, Silicon Valley, Mumbai, and New Delhi.
For more details, please visit http://usispf.org/. You can also follow us on LinkedIn, Twitter and Facebook.