Indonesia may offer oil to India

Indonesia might help India offset a reduction in the import of crude petroleum from Iran.

Indonesian Ambassador to India Lt Gen (Retd) Andi M Ghalib dropped hints to this effect during an interaction with reporters here on Wednesday.

When asked whether Indonesia would be willing to help India tide over a possible shortage of crude oil following its decision to cut 11 per cent import of crude petroleum from Iran, the ambassador replied that it would provided it had adequate stocks. “As long as we have adequate stocks”, he said.

He said that India was their fourth largest trading partner after China, USA and Japan. “The quantum of bilateral trade between us was worth $20 billion in March 2011. By 2015, we want the figure to reach $25 billion and then subsequently $45 billion. An important area of trade is crude palm oil. Currently, the volume of trade between the countries is 50,000 to 75,000 metric tonnes per month,” he said.