Delhi offers fuel to Islamabad

AGENCIES

New Delhi, Apr 25: India plans to export petrol and diesel to Pakistan to help it meet energy needs and to open up a new market for Indian refiners such as giant Reliance Industries, a report said.
“Pakistan is keen to import refined petroleum products from across the border to save costs,” the Economic Times reported on Monday, quoting an Indian government official with “direct knowledge” of the plan.
The Indian side was due to put the final touches on the plan before a two-day meeting starting Wednesday between the commerce secretaries of India and Pakistan in Islamabad, the newspaper said.
 India imports about three-quarters of the oil it consumes but its refining capacity has expanded rapidly, making it a key player in the international market.
 The exports will open up a new market for large refinery players such as Reliance Industries and Essar Oil, the report said.
 Indian officials believe greater trade would force the nations to maintain friendly ties and that India is in a position to meet Pakistan’s fuel demands, according to the newspaper.
 Pakistan has a 12-million-tonne refining capacity which satisfies only half of its annual requirements, while India exports about 25 percent of its 185-million-tonne refining capacity, according to official data.

Lastupdate on : Mon, 25 Apr 2011 21:30:00 Makkah time
Lastupdate on : Mon, 25 Apr 2011 18:30:00 GMT
Lastupdate on : Tue, 26 Apr 2011 00:00:00 IST



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