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New Delhi, Aug. 16

Crude oil import requirements of the country may go up to about 85 per cent by 2012 from the current level of 70 per cent as the growing demand for energy is met with little resources for harnessing alternative energy sources, according to industry chamber Assocham. The imports will rise even as refining capacity in India is poised to increase by 58 per cent to touch 235 million tonnes in the next five years from the present level of about 159 million tonnes. The country&# 8217;s dependence on crude oil will increase as domestic discoveries have not been taking place while our energy demand in future will multiply. However, the Chamber is of the view that the higher crude oil imports will not impact the trade deficit adversely as most of the new capacity additions are aimed at exporting value added products. Hence, the import bill would be to a great extent offset by exports of petroleum products.

– Our Bureau

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