India’s Oil Minister Hardeep Singh Puri said India’s private oil refiners are ready to work with state-run peers to collectively bargain for better oil import deals.
see photosIndia is the world’s third largest oil importer and consumer, dependent on about 85% of crude oil imports.
India’s private oil refiners are ready to work with state-run peers to collectively bargain for better oil import deals, Oil Minister Hardeep Singh Puri said on Friday, as the country seeks to cut its import bill. . India is forming a group to bring together state and private refiners to seek better crude import deals, Reuters reported on Monday. “The outcome of the meeting between private and government (refiners on joint oil procurement plan) was very encouraging,” Puri said at a press conference at the India Energy Forum industry event. He said private companies are “excited” with the scheme.
Naira Energy, partly owned by Russian oil major Rosneft, controls about 40% of India’s 5 million barrels per day (bpd) refining capacity.
India is the world’s third largest oil importer and consumer, relying on imports for about 85% of its crude oil and buying most of it from producers in the Middle East. Private companies including Reliance Industries, operator of the world’s largest refining complex, and Naira Energy, which is partly owned by Russian oil major Rosneft, control about 40% of India’s 5 million barrels per day (bpd) refining capacity. Huh. With local petrol and diesel prices hitting record highs in India’s worst power crisis in the past few years, the country is looking to redouble its efforts to buy wisely.
India’s trade deficit widened to $22.6 billion last month, the highest in at least 14 years, driven by costly imports. India has repeatedly asked the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to boost production to bring down global oil prices. “Energy costs should not be allowed to exceed the paying capacity of consumers and this imperative needs to be configured by consumer countries to plan their production profiles for the future,” Puri said.
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