Follow RT on India’s rapidly growing oil demand and good relations with Washington make it a key element in US’s new strategy to counter China’s rapidly increasing influence in the Middle East.
The release of a major report last week by the International Energy Agency (IEA) highlighting that India will make up the biggest share of energy demand growth from now until 2040 – ahead of China – comes at just the right time for the US’s new strategy to counter China’s rapidly increasing influence in the Middle East. The details of the IEA’s ‘India Energy Outlook 2021’ only add further weight to the credibility of the US’s attempt to portray India as a viable economic and energy-consuming alternative end user to China for Middle East oil and gas producers that side with the new US-Israel-Arab state alliances.
India’s rapidly growing oil demand and good relations with Washington make it a key element in U.S.’s new strategy to counter China’s rapidly increasing influence in the Middle East
The release of a major report last week by the International Energy Agency (IEA) highlighting that India will make up the biggest share of energy demand growth from now until 2040 - ahead of China – comes at just the right time for the U.S.’s new strategy .
India proposes to re-evaluate its plan to store its strategic oil reserves in facilities available in the US as the country looks to bolster domestic storage that is considered a safer and better option to deal with excess price volatility and .
Companies may get grant to set up strategic oil reserves
The second phase of the project will require an investment of $1.6 billion
(Bloomberg)Premium
Share Via
Read Full Story
The government plans to offer viability gap funding (VGF) to attract bidders for the second phase of Indian Strategic Petroleum Reserves, which will add 12 days of crude oil storage, two government officials aware of the matter said. The move is part of India’s efforts to enhance energy security.
The second phase will require an investment of $1.6 billion under the public-private partnership (PPP) mode. The Union cabinet’s nod for the terms to be offered under the VGF route to bidders will be sought. The proposal is under discussion.