Comments
To meet its growing crude oil demand, India has sought additional 3-4 million tonnes from Iraq in the next fiscal.
While maintaining that India is not looking at reducing oil imports from Iran, Mr S. Jaipal Reddy, Petroleum Minister, confirmed this while speaking to reporters after a meeting the Iraqi Deputy Prime Minister, Mr Rowsch Shaways, here on Wednesday.
Iraq is India's third largest oil supplier, supplying about 17 million tonnes annually.
On February 23, India sought 5 million tonnes more from Saudi Arabia, the biggest supplier to the country, for 2012-13 and each passing year. Saudi Arabia supplied 27 million tonnes during 2010-11.
Mr Reddy recently said that India needs more supplies as in spite of the spike in crude oil and petroleum product prices, local consumption has maintained a high momentum. The country needs more oil not only for this year but for future also, he said.
Domestic oil refiners such as Hindustan Petroleum Corporation, Bharat Petroleum Corporation and Mangalore Refinery and Petrochemicals Ltd have been treading cautiously for supplies from Iran following the sanctions put on the West Asian country by the European Union.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.