India gets first consignment of US crude oil

India gets first consignment of US crude oil
The first consignment of crude oil from the United States reached India on Monday, with New Delhi calling it a step towards mitigating risks of geopolitical disruptions in the supply of energy.

The first US crude oil cargo of 1.6 million barrels bought by Indian Oil Corporation was received at Paradip Port in Odisha on Monday.

A sample of the crude oil was symbolically presented to Sanjay Sudhir, Joint Secretary (International Cooperation) at the Ministry of Petroleum. Senior officials of the Ministry of External Affairs (MEA) and Indian Oil Corporation were present on the occasion.

Sudhir called the receipt of the first consignment as “a new chapter” in the history of bilateral trade, particularly in the hydrocarbon sector, an MEA press statement quoted.

The bureaucrat said the inclusion of the US as a source for crude oil imports by India’s largest refiner would “go a long way in mitigating the risks arising out of geopolitical disruptions”.

During his visit to Washington DC for the first meeting with American President Donald Trump in June, Prime Minister Narendra Modi had mentioned that India was looking to strengthen its hydrocarbon engagement with the United States.

The deal to source crude oil from the US came through shortly after his visit to the US.
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