First crude oil shipment from US to reach India in September

Story By: Rajesh Sharma
Friday, August, 18 2017 - 14:32

India will receive the first shipment of American crude oil in the last week of September.

Indian ambassador to US Navtej Sarna on Wednesday handed over cargo manifest for first crude oil shipment from US to Texas Governor Ted Cruz.

"New breakthroughs. Oil shipments from US to India has started," the Indian Embassy in Washington tweeted yesterday.

Consignments of American crude oil left the US shores between August 6-14 and is likely to reach Paradip (Odisha) in the last week of September.

The first lot of two million barrels is worth approximately $100 million.

As per media reports, two Indian oil giants, Indian Oil Corporation and Bharat Petroleum, placed orders for over four million barrels.

The 40-year-old ban on export of American oil was lifted by the then US President Barack Obama in December 2015.

During the meeting between Prime Minister Narendra Modi and US President Donald Trump on June 26 this year, the two leaders agreed to deepen the engagement in the energy sector. 

India is the world’s third-largest oil importer.



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