News Release Details
Oil sector largest merchandise exporter: Deora
New Delhi 25-Jun-2007
The oil sector is currently the country's largest merchandise exporter with exports of over $17.5 billion during the last one year, minister for petroleum and natural gas Murli Deora said on Sunday. It was expected that the sector would become a much larger exporter during the Eleventh Plan period, Deora said, after laying the foundation stone for the Phase II capacity expansion-cum-modernisation project of BPCL's Kochi refinery. Deora said the oil industry has been working to improve the oil security of the nation and refinery expansions were among the main strategies, he said. Another measure was to introduce bio-fuels, particularly ethanol-blended petrol (EBP), across the country, he said. "We have already notified, effective from November 2006, that the whole country, except a few identified areas, will be coveredurder the 5% EBP programme. The aim is to enhance energy security," he said. The oil companies will introduce EBP in a few days time, Deora said. EBP not only benefits the environment but also farmers, he said, adding, the required oil import quantity comes down as domestic sources are put to use for meeting energy needs. The UPA government has undertaken strong measures to protect the consumers from the impact of soaring global oil prices and to keep the economy on the track, be said. The government and oil companies are together sharing 87% of the burden of under-recoveries caused by the high oil prices this year, Deora said. The government has taken up the issue of taxes and cess levied by state governments with regard to EBP programme, Deora said. The expansion of the refinery will provide jobs to many, besides boosting industrial activity in the state, he said. The refinery will supply green fuels conforming to the Euro three and Euro four specifications.
New Delhi 25-Jun-2007
The oil sector is currently the country's largest merchandise exporter with exports of over $17.5 billion during the last one year, minister for petroleum and natural gas Murli Deora said on Sunday. It was expected that the sector would become a much larger exporter during the Eleventh Plan period, Deora said, after laying the foundation stone for the Phase II capacity expansion-cum-modernisation project of BPCL's Kochi refinery. Deora said the oil industry has been working to improve the oil security of the nation and refinery expansions were among the main strategies, he said. Another measure was to introduce bio-fuels, particularly ethanol-blended petrol (EBP), across the country, he said. "We have already notified, effective from November 2006, that the whole country, except a few identified areas, will be coveredurder the 5% EBP programme. The aim is to enhance energy security," he said. The oil companies will introduce EBP in a few days time, Deora said. EBP not only benefits the environment but also farmers, he said, adding, the required oil import quantity comes down as domestic sources are put to use for meeting energy needs. The UPA government has undertaken strong measures to protect the consumers from the impact of soaring global oil prices and to keep the economy on the track, be said. The government and oil companies are together sharing 87% of the burden of under-recoveries caused by the high oil prices this year, Deora said. The government has taken up the issue of taxes and cess levied by state governments with regard to EBP programme, Deora said. The expansion of the refinery will provide jobs to many, besides boosting industrial activity in the state, he said. The refinery will supply green fuels conforming to the Euro three and Euro four specifications.