18-Oct-2013
A boost in export of Liquefied Natural Gas (LNG) from the United States to India would have many positive impacts on the economies of the two countries, an Indian diplomat has told American lawmakers.
"A boost in LNG exports would have many positive effects on both the US and Indian economies," deputy chief of Indian mission Taranjit Singh Sandhu told members of the Congress Subcommittee on Energy and Power.
He was speaking at a forum held on 'The Geopolitical Implications and Mutual Benefits of US LNG exports', wherein diplomats and energy advisors from 10 countries participated.
"For the US, it would help create thousands of jobs and an expanded revenue stream for the federal government. For India, it would provide a steady, reliable supply of clean energy," Mr Singh told lawmakers at the forum organised by the Congressional Sub Committee last week.
"The prospect of increased Indian investments in the US natural gas market will push further a strong and mutually rewarding energy partnership as well further consolidate our strategic ties and deeper cooperation for the benefit of millions of people in both countries," Mr Singh said.
Describing this as a "Win-win" issue for both US and India, he said LNG export to India will further consolidate strategic ties and deepen the cooperation.
The Committee chairman Fred Upton said countries around the globe are eager to utilize America's natural gas.
For these countries, US natural gas offers the opportunity to help strengthen their energy security,
stabilise energy prices, and improve their competitiveness and the overall standard of living for their citizens.
"In addition to creating more jobs here in America, expanding US LNG exports presents the opportunity to strengthen ties with our global allies and reduce our trade deficit as well as shift the world's reliance away from unstable sources," Upton said.
During the meeting diplomats and energy advisors from the Czech Republic, Hungary, Haiti, India, Lithuania, Singapore, South Korea, Japan, Thailand, urged the US to embrace its role a world leader in "energy diplomacy" and act quickly to approve US export projects.
To date, the Department of Energy has approved four licenses for export to countries in Europe and Asia, but 21 applications still await consideration.
"America's energy abundance holds great potential for our domestic economy and today we had the opportunity to learn more about the role America can play as a global energy leader. I look forward to continuing the dialogue on this important global issue," said the Energy and Power Subcommittee chairman Ed Whitfield.
Source:- profit.ndtv.com
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