Private Oil Refiners To Work With State-Run Peers For Cheaper Oil Imports
NDTV
India is the world's third-largest oil importer and consumer, reliant on imports for about 85 per cent of its crude and buying most of that from Middle East producers.
Private oil refiners are willing to work with state-run peers to bargain collectively for better oil import deals, oil minister Hardeep Singh Puri said on Friday, as the nation looks to cut its import bill.
India is forming a group bringing together state and private refiners to seek better crude import deals, Reuters reported on Monday.
"The outcome of the meeting between private and state-run (refiners on a joint oil procurement plan) was very encouraging," Puri said in a news conference at the India Energy Forum industry event.
He said the private companies are "enthused" by the plan.
