By Rakteem Katakey Feb. 10 (Bloomberg) -- India is building terminals to stockpile crude oil and has offered Iraq the use of some of the space as part of negotiations to secure supplies from the holder of the world’s third-largest reserves.
Iraq is offering to increase supply to Indian refiners via long-term contracts, the South Asian nation’s oil ministry said in a statement in New Delhi today. India will complete its first storage terminal by the middle of 2011 and add two more by 2012, Oil Secretary S. Sundareshan said in an interview yesterday. India, which imports 77 percent of its oil needs, is emulating programs in the U.S., Japan and China to build an emergency stockpile. Iraq is offering to increase sales to India by as much as 60 percent, said an oil ministry official who was at the meeting between Oil Minister Murli Deora and Iraq’s Industry and Minerals Minister Fawzi Hariri in New Delhi today.
Full Story: India Offers Iraq Oil Storage at Tanks to Be Built in Two Years - BusinessWeek
Iraq is offering to increase supply to Indian refiners via long-term contracts, the South Asian nation’s oil ministry said in a statement in New Delhi today. India will complete its first storage terminal by the middle of 2011 and add two more by 2012, Oil Secretary S. Sundareshan said in an interview yesterday. India, which imports 77 percent of its oil needs, is emulating programs in the U.S., Japan and China to build an emergency stockpile. Iraq is offering to increase sales to India by as much as 60 percent, said an oil ministry official who was at the meeting between Oil Minister Murli Deora and Iraq’s Industry and Minerals Minister Fawzi Hariri in New Delhi today.
Full Story: India Offers Iraq Oil Storage at Tanks to Be Built in Two Years - BusinessWeek
Leave a comment