Crude oil to be imported in larger quantities
Posted on: 26/Sep/2013 12:42:46 PM - No. of views : (2067)
Union Minister for Petroleum and Natural Gas M Veerappa Moily told reporters that he met Venezuelan Minister for Popular Power, Petroleum and Mining, Rafeel Ramirez in Delhi on Tuesday to discuss ways to strengthen oil trade between the nations. Indian companies, both private and government, would visit Caracas on October 8 to fine-tune the deals that were discussed on Tuesday. �I will be visiting Venezuela after the visit of officials to finalise the deal,� M Veerappa Moily added.
Stating that importing crude oil from Iran was �problematic�, Moily said India is looking at Iraq and Venezuela for imports. ONGC, for the first time, is exploring oil resources in the desert of Rajasthan.
Veerappa Moily further said, �We are optimistic of getting around nine million tonnes of crude oil. After three to four years, it may yield around 15 million tonnes of crude oil. Our aim is to bring down the import of crude oil to 50 per cent by 2020 from the present 75 per cent�.
