High Level Committee submits recommendations to reduce crude oil import
A High Level Committee (HLC) has submitted recommendations to bring down India’s dependence on crude oil imports. “HLC clearly brought out the strategy to reduce the import dependency of the nation in the report. The Committee has recommended short term, medium term and long term strategies,” an official statement said.
The centre had constituted a High Level Committee to examine the issues relating to preparation of action plan to create synergy among R&D Centres of Oil & Gas PSUs; tax issues and ways to benefit from GST by the Oil & Gas PSUs; merger, acquisition and consolidation of Oil & Gas PSUs and the Joint Ventures; explore the need and possibility of formation of new entity dealing with oil services and supply of qualified manpower to Oil & Gas sector around the world.
The HLC consisted of Anil Kakodkar, eminent Scientist and Sidharth Pradhan, an expert on financial and tax issues. “During 2018, India consumed 204.92 million tonne petroleum products and 58.64 billion cubic meters of natural gas whereas the domestic production of crude oil and natural gas is almost stagnated. The import dependency of crude oil and LNG during the year was 82.59 per cent and 45.89 per cent respectively which is bound to increase in days to come,” the statement added.
The Ministry of Petroleum & Natural Gas will consider the recommendations submitted by the Committee while formulating policies to bring down imports.
(Source: Hindu Business Line 22-05-19)