Financial Daily
from THE HINDU group of publications
Monday, November 27, 2000
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Financial Daily from THE HINDU group of publications Monday, November 27, 2000 |
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India to plead for OPEC concessions
Our Bureau
NEW DELHI, Nov. 26
THE Petroleum Ministry is finalising a proposal for seeking special discounts and deferred payment facilities from the Organisation of Petroleum Exporting Countries (OPEC), according to the Union Petroleum Minister, Mr Ram Naik.
Speaking to newspersons on Saturday after addressing the Fifth International Conference on Petroleum Geochemistry and Exploration in the Afro-Asian region, Mr Naik said, ``We will be sending the proposal in a week's time.''
According to Mr Naik, the proposal would include a special price or trade discount for developing countries with the condition of actual use; grant of a soft loan from cash-rich OPEC countries; and a deferred payment facility for crude imports.
``We are seeking a three-month credit instead of spot payment,'' he said.
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