BPCL plans new refinery; India seeks oil deals with Russia

12 Jun 2024 CW Team

State-owned Bharat Petroleum Corporation (BPCL) plans to construct a new oil refinery to address the increasing demand for fuels like petrol and diesel, as announced by Petroleum Minister Hardeep Singh Puri, marking his second tenure in the ministry. Outlining his priorities for the third term of Prime Minister Narendra Modi's government, Puri emphasised the importance of discovering and producing more oil and gas to reduce India's dependence on imports. He also highlighted green hydrogen, natural gas, refining, and petrochemicals as key focus areas.

The government has recently ensured the "availability, affordability, and sustainability" of energy for citizens, Puri noted, adding that they have performed well in this regard. He stated that this approach would continue in Modi 3.0.

Detailing his priorities, Puri mentioned that attracting investors to oil and gas exploration and production in ongoing bid rounds and unique tenders, such as the one by ONGC seeking a foreign partner to boost output at Mumbai High, one of India's old fields, would be high on the agenda.

He also stressed the continued push towards the production and increased usage of green hydrogen, a zero-emission alternative to fossil fuels, and encouraged the use of biofuels.

Regarding securing crude oil supplies, which are refined into fuels like petrol and diesel, Puri said India has diversified its sources, including from Russia. He pointed out that India has become the largest buyer of Russian sea-borne oil, taking advantage of discounted barrels after some Western nations stopped purchases following Moscow's invasion of Ukraine in February 2022.

Puri expressed confidence in the long-standing partnership with the Russian Federation and in the potential for both private and public sector players in India to sign long-term deals with countries offering beneficial terms.

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