Union Minister Hardeep Singh Puri said on Friday that India will continue to buy crude oil from Russia. If it is available at a discount, emphasizing that the government is “committed to purchase” the most economically priced crude oil.
“We used to buy less than 0.2 percent from Russia in February 2022. Now, we are buying 30 percent. If it is available at good discount, price), we will buy (from that market),” Hardip Singh Puri, which petroleum and There is a minister of natural gas, said during a media conversation here.
The minister said that Prime Minister Narendra Modi’s “commitment is to provide energy to the cheapest way with a clock, as well as infection in green energy”, the minister said.
“We are not committed to purchasing any quantity from anyone. We are committed to buy the most economically priced energy of a grade of crude you want (refineries).” He said that the government was open to enter spot deals with both long conditions as well as oil producing countries.
“We float tenders at the point of import. This means that if we need a particular route, we will swim a tender and then whoever can supply it .. Supply. Supply. The terms of payment are always its conditions always its conditions. Will follow. Sometimes special circumstances arise where you are able to do it, most of the transactions are represented in the dollars and as you move forward, you try some local currency, “he said.
“Energy is available in abundance supply. Despite the cutback from some producers, more and more crude is coming in the market,” he said.
Responding to a question on the refinery project in Ratnagiri district of Maharashtra, the minister said that the project was not feasible due to its size (60 million metric tonnes per year).
“I think our situation so far is that instead of 60 million metric tons per year we are looking at the possibility of three (refineries) in 20 million metric tonnes per year, for which discussion is going on behind the curtain.” In particular, a joint venture company, Ratnagiri Refinery and Petrochemicals Limited (RRPCL), 2017 were formed by three national oil companies, ie Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited.
It proposes to implement an integrated refinery and petrochemicals campus on the west coast of Maharashtra.
Saudi Aramco (SA) and Abu Dhabi National Oil Company, two global oil and gas companies have also expressed their intention to make partners in the project.
However, Hardeep Singh Puri said that the refining capacity is currently going with 268-270 million metric tonnes per year, saying that “we already have a plan of up to 310 million metric tonnes per year.”
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