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India is open to buying Venezuelan oil with some refiners in the country having the capability to process such heavy crude oil, Union Oil Minister Hardeep Singh Puri said on Friday.
Reportedly, Indian refiners are in the process of resuming Venezuelan oil purchases after the United States lifted sanctions in October.
The last import of Venezuelan crude into India was in FY20 to the tune of $6.03 billion.
“We are willing to buy oil from any country that is not sanctioned, the minister added. Many of our refineries, including Paradip, (are) capable of using that heavy Venezuelan oil. And we will buy (Venezuelan oil),” Puri told reporters during a press conference.
India, one of the largest oil importers of 80 per cent of its requirements. It wants to cut its crude import bill and is looking to expand its refining.
Puri said, India currently refines 5 million barrels per day of oil and the country’s refining capacity is rising. “...if Venezuelan oil comes to market we welcome it,” he said.
The minister also said “some Indian refiners’ money is locked up in Venezuela”, referring to ONGC which has dividends pending since 2014 for its stake in Venezuelan projects.
India has paid an average price of $84.20 per barrel for Russian oil in October, higher than the $60 price cap set by G7 bloc.
“...if Venezuelan oil comes on the market, we welcome it,” the minister said.
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