India to export fuel to Pakistan
“Pakistan is keen to import refined petroleum products from across the border to save costs,” said the Economic Times, quoting an Indian government official with knowledge of the plan.
The Indian side was due to put final touches to the plan before a two-day meeting starting on Wednesday between commerce secretaries of India and Pakistan in Islamabad, added the newspaper. The meeting is aimed at renewing trade ties which have been at a standstill since the 2008 Mumbai attacks in which 166 people were killed. I
ndia blamed the attack on a Pakistan-based militant group. India imports about three quarters of the oil it consumes but its refining capacity has expanded rapidly, making it a key player in the international market. The exports will open up a new market for large refinery players such as Reliance Industries and Essar Oil, the Economic Times said.
Pakistan has 12 million tons refining capacity which satisfies only half of its annual requirements, while India exports about 25 per cent of its 185 million tons refining capacity, according to official data.
Indian oil corp: Company may consider fuel exports
Indian Oil Corp (IOC) may consider fuel exports to Pakistan if an import ban on Indian petroleum products is lifted, a company executive said on Monday.
IOC’s Head of Refineries BN Bankapur’s comments came after the Economic Times newspaper said New Delhi had agreed to export fuel to Pakistan and provide a new market for large refineries of Reliance Industries and Essar Oil. Bankapur said if Pakistan lifts the import ban it would provide an opportunity to expand IOC’s 300,000 barrels per day (bpd) refinery in the northern town of Panipat. Bankapur also said his company aimed to buy 30,000 bpd of oil from Cairn India’s Rajasthan block in financial year 2011-12.
Published in The Express Tribune, April 26th, 2011.
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