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India Seals USD2.2B U.S. Gas Agreement
(MENAFN) India has sealed a landmark agreement to import liquefied petroleum gas from the United States, marking a strategic pivot as President Donald Trump's administration intensifies demands for New Delhi to reduce its trade imbalance with Washington and halt energy imports from Russia.
Indian Petroleum and Natural Gas Minister Hardeep Singh Puri revealed the breakthrough via social media platform X, declaring that state-owned oil enterprises had finalized a 12-month arrangement.
"Indian PSU [public sector undertaking] oil companies have successfully concluded a 1-year deal for imports of around 2.2 MTPA LPG," Puri stated in his announcement.
The contract represents approximately 10% of India's yearly LPG requirements, according to Puri. The nation currently purchases between 20 million and 21 million tons of LPG each year from international suppliers.
Washington has implemented punitive tariffs of 50% on Indian products under its reciprocal trade framework, including a 25% duty specifically targeting Russian oil imports.
Data from October shows India maintained its status as the second-largest purchaser of Russian crude petroleum globally.
New Delhi has rejected international criticism regarding its Russian energy purchases, asserting its resource strategy follows "national interest," while simultaneously broadening commercial relationships with Washington.
Trump has expressed support for US congressional members developing sanctions legislation targeting nations that continue buying Russian petroleum products.
Export figures reveal India's shipments to the US declined for the second straight month following the August implementation of 50% tariffs, based on trade reports.
October witnessed an 8.5% year-over-year contraction in US-bound exports, dropping to $6.3 billion.
Despite the downturn, the US remains India's primary export destination. During the initial seven months of the current fiscal period, American markets absorbed $52 billion worth of Indian goods, according to commerce data.
In September, Trump characterized the bilateral trade relationship between India and the US as a "totally one-sided disaster." India recorded a trade surplus of $40.82 billion with the US in FY25.
US Commerce Secretary Howard Lutnick declared in September that India must open its markets.
Indian Petroleum and Natural Gas Minister Hardeep Singh Puri revealed the breakthrough via social media platform X, declaring that state-owned oil enterprises had finalized a 12-month arrangement.
"Indian PSU [public sector undertaking] oil companies have successfully concluded a 1-year deal for imports of around 2.2 MTPA LPG," Puri stated in his announcement.
The contract represents approximately 10% of India's yearly LPG requirements, according to Puri. The nation currently purchases between 20 million and 21 million tons of LPG each year from international suppliers.
Washington has implemented punitive tariffs of 50% on Indian products under its reciprocal trade framework, including a 25% duty specifically targeting Russian oil imports.
Data from October shows India maintained its status as the second-largest purchaser of Russian crude petroleum globally.
New Delhi has rejected international criticism regarding its Russian energy purchases, asserting its resource strategy follows "national interest," while simultaneously broadening commercial relationships with Washington.
Trump has expressed support for US congressional members developing sanctions legislation targeting nations that continue buying Russian petroleum products.
Export figures reveal India's shipments to the US declined for the second straight month following the August implementation of 50% tariffs, based on trade reports.
October witnessed an 8.5% year-over-year contraction in US-bound exports, dropping to $6.3 billion.
Despite the downturn, the US remains India's primary export destination. During the initial seven months of the current fiscal period, American markets absorbed $52 billion worth of Indian goods, according to commerce data.
In September, Trump characterized the bilateral trade relationship between India and the US as a "totally one-sided disaster." India recorded a trade surplus of $40.82 billion with the US in FY25.
US Commerce Secretary Howard Lutnick declared in September that India must open its markets.
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