SME Times is powered by   
Search News
Just in:   • After Russia, US hints at oil for India on concessional terms  • Future of India lies in MSME sector: Commerce Minister  • Samsung launches 2 new Galaxy M smartphones  • Doctors hail e-cigarettes ban, traders in shock  • US dollar declines ahead of Fed decision 
Last updated: 21 May, 2019  

Crude.9.thmb.jpg High-level committee submits strategies on reducing import

Crude.9.jpg
   Top Stories
» Future of India lies in MSME sector: Commerce Minister
» Restore India as GSP beneficiary, Congressmen urge Trump
» Skill India, IBM join hands to train trainers in AI
» Global stakeholders dialogue to check counterfeiting at MASCRADE 2019
» ECGC launches 'Nirvik' to push exports credit
SME Times News Bureau | 21 May, 2019

In a report submitted to the Oil Ministry on Tuesday, a high level committee has recommended short term, medium term and long term strategies to reduce import dependency of the nation.

The committee, comprising scientist Anil Kakodkar and Sidharth Pradhan, an expert on financial and tax issues, also explored the possibility of forming a new entity for oil services and related manpower.

“It also explored the need and possibility of formation of new entity dealing with oil services and supply of qualified manpower to oil and gas sector around the world,” the ministry said in its statement.

The committee was formed to discuss research related synergies and tax issues for state-run oil companies.

“They also looked into merger, acquisition and consolidation of oil and gas, public sector utilities (PSUs) and the joint ventures,” it added.

During 2018, India consumed 204.92 mmt petroleum products and 58.64 billion cubic metres (bcm) natural gas, whereas the domestic production of crude oil and natural gas has almost stagnated.

The import dependency of crude oil and liquified natural gas during the year was 82.59 per cent and 45.89 per cent, and is expected to increase going forward.

The ministry also added that research and development would play an important role in the process to reduce import dependency. Ministry of Petroleum & Natural Gas will consider the recommendations submitted by the Committee while formulating policies in the said matter, the statement added.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 19 Sep, 2019
  Daily Poll
Is the Union Budget 2019 MSME-friendly?
 Yes
 No
 Can't say
  Commented Stories
» Govt. approves subsidy for 2,221 cold storages(4)
» Collateral free loans available for MSMEs: Minister(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter