Economy

India plans to increase crude oil imports from Nigeria

Debabrata Das New Delhi | Updated on January 27, 2018 Published on January 21, 2016

In the field of hydrocarbons, we want to increase our cooperation with Africa, says Dharmendra Pradhan, Minister of State (Independent Charge) for Petroleum and Natural Gas.

India expects to increase its long-term crude oil sourcing from Nigeria to 3 million tonnes per annum in 2016, Dharmendra Pradhan, Minister of State (Independent Charge) for Petroleum and Natural Gas, said on Thursday.

At the sidelines of the 4th India-Africa Hydrocarbons conference, Pradhan said that India currently sources 1.7 million tonnes per annum from Nigeria and the increase is expected to happen this year.

“In the field of hydrocarbons, we want to increase our cooperation with Africa. The experience with Africa has been very good in the past and whether or not oil prices increase or decrease, our engagements with Africa will increase,” he added.

Indian Oil Chairman B Ashok, who was also at the event, said the company will double crude oil imports from Nigeria in 2016. The company currently has a term contract for 30,000 barrels per day from Nigeria.

Meanwhile, Pradhan also said that Sudan has sought India’s help in setting up a new refinery in the country. He added that the two countries are working on modalities to recover the $240 million due to ONGC Videsh.

Published on January 21, 2016
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