Business Daily from THE HINDU group of publications
Saturday, Sep 29, 2007
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Business Daily from THE HINDU group of publications Saturday, Sep 29, 2007 ePaper |
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Petroleum Industry & Economy - Exports & Imports ‘Dependence on crude oil imports will increase to 95%’
Prices head north: Mr R.S. Sharma, Chairman and Managing Director, ONGC; greeting Mr Abdel Rehman Mohamed Bakhiet, Ambassador of Sudan, at the 10th Energy Summit organised by Assocham, in New Delhi on Friday. Also seen are (from left) Dr Kirit S. Parikh, Member, Planning Commission; and Mr D. S. Rawat, Secretary-General, Assocham. Dr Parikh said India’s dependence on crude oil imports may increase to 90-95 per cent from the present 70 per cent. Our Bureau New Delhi, Sept. 28 With the skyrocketing of crude oil prices continuing, India’s dependence on crude oil imports would increase to 90-95 per cent from current level of nearly 70 per cent, said Dr Kirit S. Parikh, Member, Planning Commission, on Friday. While speaking at Assocham’s 10th Energy Summit in the Capital, Dr Parikh said that crude oil prices have gone up to around $82 per barrel which were too high for developing nations to absorb their impact on sustained basis and the only feasible alternative is that OPEC nations should enhance crude oil production so that disruptions do not take place in crude supplies. He invited private sector oil companies and national oil companies to harness non-conventional energy sources such as exploration of bio-diesel. He added that the Government would soon put in place a regulator for petroleum sector and continue to pursue investment-friendly policies so that investors do not have any complaints for discovery of hydrocarbon in India. Dr R.S. Sharma, Chairman and Managing Director, ONGC, said that his organisation was trying its best to explore oil and gas through its marginal fields that the organisation had to abandon in the past for variety of regions. ONGC Videsh Ltd, the 100 per cent subsidiary of ONGC, was trying its best to find oil acreage in overseas boundaries so that the country’s dependence on crude oil imports come down and it moves towards self-reliance as far as consumption of petroleum products are concerned, added Dr Sharma. The Ambassador of Sudan, Mr Abdel Rahman Mohamed Bakhiet, said that his country recently explored 36 natural mineral reservoirs of gold, silver, iron, chrome, copper, magnesium, zinc, lead, nickel, asbestos, phosphate, uranium and granite scattered around 245 locations and sought investments from Indian companies for their commercial viability. The Ambassador of Algeria, Dr Noureddine Bardad-Daidj, said that Petronet LNG Ltd would firm up a deal for imports of 1.25 million tonnes of LNG for at least 25 years. “Negotiations are on to this effect between India and Algeria. Likewise, GAIL (India) is likely to participate in the $13-billion gas pipeline project which Algeria is undertaking since the two countries have good bilateral relations,” he said. More Stories on : Petroleum | Exports & Imports
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