{"id":9127,"date":"2023-12-16T10:34:09","date_gmt":"2023-12-16T10:34:09","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=9127"},"modified":"2023-12-16T10:34:09","modified_gmt":"2023-12-16T10:34:09","slug":"india-will-buy-venezuelan-oil-says-minister","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/9127\/","title":{"rendered":"India will buy Venezuelan oil, says minister"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0India will buy Venezuelan oil as some refiners in the country have the capability to process heavy crude oil, Oil Minister Hardeep Singh Puri said on Friday.<\/p>\n

Indian refiners have already resumed Venezuelan oil purchases, with Reliance Industries, Indian Oil Corp and HPCL-Mittal Energy securing cargoes of Venezuelan oil after the United States lifted sanctions in October.<\/p>\n

India last imported Venezuelan crude in 2020.<\/p>\n

“Many of our refineries, including Paradip, (are) capable of using that heavy Venezuelan oil. And we will buy (Venezuelan oil),” Puri told reporters at a press conference.<\/p>\n

India is the world’s third-biggest oil importer and consumer, shipping over 80% of its oil needs from overseas. It wants to cut its crude import bill and is looking to expand its refining.<\/p>\n

India is willing to buy oil from any country that is not sanctioned, the minister added.<\/p>\n

Puri said India currently refines 5 million barrels per day of oil and the country’s refining capacity is rising. “…if Venezuelan oil comes to market we welcome it,” he said.<\/p>\n

The minister also said some Indian money is locked up in Venezuela, referring to India’s Oil and Natural Gas Corp, which has more than $500 million in dividends pending since 2014 for its stake in Venezuelan projects.<\/p>\n

Updated on