Hardeep Singh Puri, India’s Petroleum Minister, claimed that bilateral trade between India and the United States has the potential to exceed $500 billion, up from $200 billion currently. He underlined that the United States is currently India’s sixth-largest energy trade partner, with hydrocarbon trade expected to reach $13.6 billion in 2023-24, nearly doubling that of 2018-19. This increased momentum shows that there is substantial potential for future trade expansion.
Puri made these comments during a panel at Gastech 2024, a global energy conference. He spoke with stakeholders from the US-India Business Council, the US-India Strategic Partnership Forum (USISPF), and industry leaders. The discussions centred on carbon capture, utilisation, and storage (CCUS) as critical solutions for increasing energy security and lowering emissions.
Puri also emphasised India’s leadership in establishing the Global Biofuels Alliance during its G20 presidency, which works with the United States and other countries to promote low-carbon energy options.
The minister praised the conclusion of major agreements between IGL Social and its US colleagues, which paved the door for additional sustainable energy activities. Discussions with energy behemoths including Vitol, Baker Hughes, and Shell USA focused on investment prospects in innovative technologies such as hydrogen, geothermal energy, and carbon capture.
