Petroleum Minister Hardeep Puri meets Canadian Trade Minister to discuss hydrocarbons trade Business News & Hub

Union Petroleum Minister Hardeep Singh Puri met Canada’s Minister for International Trade Maninder Sidhu Wednesday (November 12, 2025) to discuss bilateral hydrocarbon trade between the two nations. Mr. Puri wrote in a social media post on X that the bilateral hydrocarbons trade that scaled $226.45 million in the fiscal year 2024-25 also has “substantial upside potential”. 

The meeting is part of Mr. Sidhu’s official visit to India wherein the North American country is seeking to “find opportunities to advance trade and investment linkages” between the two nations. 

Specifically on the energy front, Ottawa is seeking to diversify their avenues for hydrocarbons exports, which is presently exporting majorly to the U.S., and has been at the receiving end of U.S. President Donald Trump-induced tariff regime. Canadian-origin goods face a 35% tariff for their exports to the U.S. In 2024, it exported 6.3 million barrels of oil equivalent per day to 110 countries with U.S. alone receiving 94.4% of them.  

India, on the other hand, currently faces 50% tariffs on their exports to Washington, including a 25% penalty for buying Russian oil. Whilst negotiating for a favourable trade deal, India has been steadfast in maintaining their commitment to energy security.  

Reflecting on a potential diversification avenue with Ottawa, Mr. Puri stated, “Indian energy entities have a robust and rapidly growing global footprint in upstream oil and gas sector under the leadership of Prime Minister Narendra Modi, and offer collaboration opportunities to further expand the basket of countries from where we source crude, LPG and LNG.”