Indian refiners have targeted to import about 15.5 million metric tons of crude oil from Iran in the financial year that began April 1, the country's junior oil minister said Tuesday.
Replying to a query by a lawmaker in the upper house of parliament, R.P.N. Singh said this year's target will be lower than the 17.44 million tons purchased by India in the last financial year and 18.50 million tons the year before.
"The quantum of crude oil imported by Indian refineries from various sources is decided by them on the basis of technical, commercial and other considerations," Singh said.
"In order to reduce its dependence on any particular region of the world, India has been consciously trying to diversify its sources of crude oil imports to strengthen the country's energy security," he added.
Source: Dow Jones