'Centre to drastically cut crude oil import'

80 pc import is not feasible, says Moily

Minister for Petroleum and Natural Gas M Veerappa Moily on Sunday informed about the Ministry’s plans to drastically reduce the import of crude oil and gas by emphasising on the production within the nation.

Pointing that over 80 per cent of the total crude oil and gas in India is imported and it is not feasible to continue with the same trend, he said that after having taken charge as the Minister for Petroleum and Natural Gas, he has contemplated to bring change in the scenario. “India is rich in crude oil and gas resources which could be extracted using the new technologies.

The import quantity should be reduced by at least 35-40 per cent by attracting investments from the national and foreign companies to extract petroleum resource from India. I am preparing a road map for the same,” he told reporters on the sidelines of a programme in the city.

Emphasising on the need to form a liberal policy to attract capital for petroleum extraction in India, he said a liberal policy accompanied by less environmental impact will help the nation to become self-sufficient in crude oil production. India has sufficient gas, shell gas and petroleum crude resources which should be extracted on the lines of USA.

Reacting to the allegations on misappropriations in allotting crude oil sites to Reliance group, he said the Ministry would sort out the issue soon. “Rule of law is applicable to all and Reliance is not an exception. Everything should go as per the contractual obligations,” he said.

On the forth-coming Assembly election in the State, he asserted that the Congress will come to the power with full strength.

On relaxation of the cap on gas cylinders, he said the Central government is contemplating on the same in the much interest  of the public.

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