Washington DC, FEBRUARY 14 (ANI) – Indian Prime Minister Narendra Modi and the US President Donald Trump reaffirmed their commitment to strengthening the US-India Energy Security Partnership. This agreement was announced after the recent meeting of Modi and Trump. It aims to strengthen energy trade, ensure energy security and establish the United States as a key supplier of Crude oil, petroleum products and liquified natural gas LNG, to India.
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The Ministry of External Affairs (MEA) emphasized that both leaders recognized energy security as a fundamental component of technological innovation, social well-being and economic growth. The two nations considered this agreement as an essential component in maintaining market stability, reliability, and affordability.
Enhance Hydrocarbon Production:
Being the major global energy producers and consumers, Modi and Trump recommitted to collaboration in oil, gas, and civil nuclear energy. They also focused on the need to enhance hydrocarbon production. This can stabilize global energy prices and provide affordable energy access to their nations.
The leaders further acknowledged the importance of strategic petroleum reserves to protect economic stability during crises. In this regard, the US reassured its strong support for India’s full membership in the International Energy Agency (IEA). It is going to bolster energy security efforts of India.
Furthermore, the leaders emphasized the huge potential for enhancing trade in the hydrocarbon sector. To diversify supply sources and enhance energy security, this trade will include petroleum products, ethane and natural gas.
Additionally, plans were also discussed to boost investment in gas and oil infrastructure and foster stronger cooperation between energy companies in both nations.
Nuclear Energy Sector Development:
In nuclear energy sector, Modi and Trump reiterated their commitment to fully executing the US-India 123 Civil Nuclear Agreement. They agreed to advance plans for building US-designed nuclear reactors in India. Thus, leveraging large scale localization and potential technology transfers.
Modi and Trump also welcomed recent budget proposal of India to amend the Atomic Energy Act and the Civil Liability for Nuclear Damage Act (CLNDA). It is going to facilitate US-India nuclear collaboration.
These amendments will establish bilateral agreement under CLNDA. And it will address civil liability concerns, paving the way for joint deployment of nuclear reactors. This initiative will enhance India’s clean energy capabilities by accelerating the development and scaling up of advanced small modulars nuclear reactor.
The strengthened energy partnership between India and US emphasizes their shared commitment to sustainable growth and energy security. With far reaching implications for global energy markets.