In a big push for India’ energy security efforts, the Central government is working to help state-owned oil refiners and private sector companies draw up a coordinated approach for sourcing crude oil, said two government officials aware of the development, seeking anonymity.
The first such calibrated strategy, involving public and private firms, may not only help save on oil import bills, but may also be able to counter China’s dominant global position as the world’s second largest oil importer that helps it land better terms for oil imports. India is third largest oil importer globally. The ministry of petroleum and natural gas held preliminary meeting to discuss the way forward.
Energy security is key to India’ national security as the country imports over 80% of its oil requirements. Large refiners include Indian Oil Corp. (IOC), Bharat Petroleum Corp. Ltd (BPCL), Hindustan Petroleum Corp. Ltd (HPCL), Nayara Energy Ltd (formerly Essar Oil) and Reliance Industries Ltd (RIL).
