India will buy Venezuelan oil as some refiners have the ability to process heavy crude, said the Minister of Petroleum and Natural Gas Sh. Hardeep Singh Puri.
The refiners that have restarted procurement of oil are Reliance Industries, Indian Oil Corporation and HPCL- Mittal Energy, post US lifted sanctions in the month of October. The country last imported crude oil in the year 2020.
The Minister also added that many refineries in India such as Paradip are able to use the heavy Venezuelan oil.
The country is keen on cutting down its oil import bill and intends to expand its refining. Presently, India is the third-largest oil importer and consumer in the world, importing more than 80% of oil from abroad.
The Minister further said that India is willing to purchase crude oil from any country which is not sanctioned. The country’s refining capacity is increasing and presently refines 5mn barrels each day, the Minister said further.
Some Indian money is freezed in Venezuela, the minister said pointing to Oil and Natural Gas Corporation’s more than USD500mn pending from the year 2014 for its stake in projects in Venezuela.
