INSUBCONTINENT EXCLUSIVE:
Oil minister allays fears of short supplies, says crude import from Russia minisculeNew Delhi: Oil minister Hardeep Singh Puri on Monday
allayed fears of short supply of crude oil amid the Russia-Ukraine conflict and said that crude oil imports from Russia are minuscule at
just 0.2 per cent of total such imports until January fiscal."About the increased oil import concerns...we require a total of five million
Sixty per cent of it comes from Gulf
We have imported from Russia, just 0.419 million metric tonnes...that is 0.2 per cent of total requirement (during April-January this
fiscal)," Mr Puri said in the Rajya Sabha while replying to a supplementary to a starred question."We are monitoring the situation
As far as oil imports are concerned from Russia, contrary to what played up in media, it is minuscule," the minister said.According to the
written reply tabled in the House, in the financial year 2020-21, India imported 85 per cent of its crude oil requirements and 54 per cent
of its natural gas requirement.According to Petroleum Planning - Analysis Cell (PPAC), India's primary sources of crude oil imports are
Iraq, Saudi Arabia, the UAE, Nigeria and the US
Indian Oil - Gas Public Sector Undertakings imported approximately less than 1 per cent of its total crude oil import from Russia in
2021-2022 (till January).India imported only 0.419 million metric tonnes (mmt) of crude oil from Russia compared to overall crude oil
imports of 175.900 mmt (in April-January this fiscal).In the current situation of high volatility in global energy markets, the Government
of India is closely monitoring the situation
The minister stated that no adverse impact on hydrocarbon energy agreements is currently foreseen in the written reply.He also stated that
the total amount (of crude oil supply) contracted will be three days supply from Russia to India, and that also spreads over the next three
to four months.Replying to another supplementary, he said, "Our oil companies have invested about $16 billion in Russia (since Vajpayee
Some of those investments are very profitable." About plans of certain companies to exit from Russia, he told the House, "The discussion on
whether western oil entities are exiting from some of these (oil and gas) facilities (in Russia)...we are in discussion with some of these
western oil entities."The facts on the ground vary
There is a nuanced approach
Some have indicated intent to exit
The others say that they will not make fresh investments...We are in discussion with the highest levels of those companies
If those companies were to finally exit, we would certainly look at all those available economic opportunities." In 2020-21, India imported
14 mmt of crude from the US
This represented 7.3 per cent of our requirement against less than 1 per cent of the Russian Federation."In the current (fiscal year), the
imports from the US are likely to grow to 16.8 mmt or a value of about $10 billion of crude oil
If I add the amount of gas we are importing and coal, I think the figure comes to $13.5 billion of imports from the US
There is a robust relationship, and I see it continue for some time," he added.
