Crude exports will harm national interests: Centre
The Dollar Business Bureau Keeping in view the fact that 85% of crude oil is imported in India, the Centre expressed to the Delhi High Court that crude exports from the country cannot be allowed as it would harm the country’s interests. While opposing UK-based Vedanta group’s Cairn India’s plea seeking permit to export excess crude from its Rajasthan oil fields, the government reiterated that it would not allow crude exports till the country attains ‘self-sufficiency.’ The Additional Solicitor General Tushar Mehta, who represented the Ministry of Petroleum and Natural Gas, said that the decision was a part of the policies formed by the government. Mehta further stated that the natural resources are not just vested in the hands of the Government ...
GoI rejects crude oil export proposal by Cairn India
The Dollar Business Bureau The Petroleum Ministry on Tuesday rejected a proposal from Cairn India seeking export of crude oil from Barmer block of Rajasthan. Cairn India, one of the largest oil and gas exploration companies had sought permission for exporting crude oil from India’s largest onshore field, citing that exports would result in additional revenue for the state and central governments in terms of taxes and royalty. However, the Petroleum Ministry, reports said, shot down the proposal stating that the company’s production sharing contract (PSC) with the Centre didn’t provide for sales abroad. The company had also proposed a swap mechanism in its proposal to the Ministry, where it expressed readiness to source crude oil at cheaper prices from ...
