On the basis of the commitment between the two countries that includes importing American Liquefied natural gas (LNG) has reached the Indian shores on Monday it was the-the first shipment Of US crude oil in over four decades. The new ship has the capacity of capacity to haul 2 million barrels of crude, left the US Gulf Coast on August 19 and arrived at Paradip port in Odisha.The shipment is for the state-owned Indian Oil Corp (IOC), which “will process the crude at its refineries located at Paradip, Haldia, Barauni and Bongaigaon,” the company said in a statement.
The Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) have also placed orders for about 3.95 million barrels of US crude for their Kochi and Vizag refineries.Various senior officers were presented at the welcome ceremony like Sunjay Sudhir who is the oil ministry's joint secretary, Katherine B Hadda, who is the US consul general in Hyderabad, along with other senior officials of the foreign ministry and IOC members.
Sunjay Sudhir is the oil ministry's joint secretary said that "the new arrangement would usher in price stability and energy security for India, which is witnessing robust growth in demand for petroleum products.“This is one of the first shipments to India since the US stopped oil exports in 1975, and follows recent commitments to US oil purchases by IOC and BPCL,” a US embassy statement said.Besides, crude oil imports have the potential to boost bilateral trade by up to $2 billion.Indian companies, both public and private, have also made a total investment of about US $5 billion in US shale gas assets. The first shipment of LNG is expected to reach India next January". The arrival of the crude is hailed as “a significant milestone in the growing partnership” between the US and India, he added.
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