India to tap Africa for more crude oil

NEW DELHI – India will import about 38 per cent more crude oil from Africa within three years to feed growing domestic demand and fuel its development as an export hub, the petroleum secretary said.

Asia’s third-largest oil consumer is set to import 4,5 per cent more crude overall in the current financial year to end-March 2008, MS Srinivasan said late on Wednesday. “Sixteen per cent of our crude imports, around 18 million tonnes, are imported from Africa.As requirement increases, imports will go up,” Srinivasan said.”In the next two to three years, our imports from African countries are expected to be 20-21 per cent, around 24-25 million tonnes.”Most of the crude would continue to come from Nigeria, but India also buys from Angola and Libya.He said overall imports of crude will rise slightly next year.”Last year, we imported 110 million tonnes, this year (2007/08) it is going to be around 115 million tonnes.””We are trying to diversify our crude basket.We have been importing crude from well over 30 countries,” he said.India imports about 70 per cent of its crude needs and is adding export-oriented refining capacity, while Africa is fast emerging as an energy hotspot.India plans to expand its refining capacity by 62 per cent to 4,82 million bpd by 2012, to take advantage of its proximity to oil sources and emerging markets.However, that does not include Essar’s expansion plans and some of the other new refineries announced recently by state-run firms.Exports of oil products jumped from 8,37 million tonnes in 2000-01 to 32,73 million tonnes in the last financial year ending March 2007.Nampa-Reuters”Sixteen per cent of our crude imports, around 18 million tonnes, are imported from Africa.As requirement increases, imports will go up,” Srinivasan said.”In the next two to three years, our imports from African countries are expected to be 20-21 per cent, around 24-25 million tonnes.”Most of the crude would continue to come from Nigeria, but India also buys from Angola and Libya.He said overall imports of crude will rise slightly next year.”Last year, we imported 110 million tonnes, this year (2007/08) it is going to be around 115 million tonnes.””We are trying to diversify our crude basket.We have been importing crude from well over 30 countries,” he said.India imports about 70 per cent of its crude needs and is adding export-oriented refining capacity, while Africa is fast emerging as an energy hotspot.India plans to expand its refining capacity by 62 per cent to 4,82 million bpd by 2012, to take advantage of its proximity to oil sources and emerging markets.However, that does not include Essar’s expansion plans and some of the other new refineries announced recently by state-run firms.Exports of oil products jumped from 8,37 million tonnes in 2000-01 to 32,73 million tonnes in the last financial year ending March 2007.Nampa-Reuters