India Open To Expand Oil Purchases From US, But Needs The Right Price: Commerce Secy
India would prefer to diversity its energy imports, the commerce secretary said, amid the ongoing trade talks between New Delhi and Washington.
India is open to expand oil purchases from the United States, provided that it comes at the "right price", Commerce Secretary Rajesh Agrawal said on Wednesday, during a press briefing in New Dehi.
The comments assume significance as they come amid the ongoing trade deal negotiations between New Delhi and Washington. The finalisation of the pact will lead to a reduction in tariffs on Indian imports, which are presently as high as 50%.
Out of the total tariffs, 25% have been levied on India as a "penalty" for its continued purchase of discounted Russian crude oil.
Agrawal, who is among the key negotiators on the Indian side, underlined that the country would like to diversify its energy imports. In the past, energy purchases by India from the US has touched $22-23 billion, he pointed out.
India still has headroom of $12-13 billion to increase its energy purchase from the US, the commerce secretary noted.
(This is a developing story)
