India to import 25 MT crude from Africa in 3 years

New Delhi, Nov 1 (UNI) The government will import about 38 per cent more crude oil from Africa amounting to 24-25 million tonnes within the next three years to feed its growing domestic demand.

''We will import 115 million tonnes crude oil this year, 4.5 per cent more as against 110 million tonnes last year,'' Petroleum Secretary M S Srinivasan told reporters here late yesterday.

Sixteen per cent of crude imports, around 18 MT are imported from Africa, he added.

''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.'' He said overall imports of crude will rise slightly next year.

''We are trying to diversify our crude basket. We have been importing crude from well over 30 countries,'' Mr Srinivasan 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.

It 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.

UNI