Harting
Harting

Do you want to advertise here? Contact us

LMW
LMW

Do you want to advertise here? Contact us

Not cancelled any long-term contract for LNG or crude oil: Dharmendra Pradhan
.

Not cancelled any long-term contract for LNG or crude oil: Dharmendra Pradhan

By OEM Update Editorial May 15, 2020 12:57 pm

Indian energy companies have deferred some cargoes and spot bookings but not cancelled any long-term contracts for procuring Liquefied Natural Gas (LNG) or crude oil supplies, oil minister Dharmendra Pradhan said.

In a conversation with Daniel Yergin, Vice Chairman of research and consultancy firm IHS Markit, Pradhan said India has 5.3 million tonne (MT) of strategic storage capacity. “By mid-May it will be full. Apart from that, our companies have 7 MT of floating oil in their contracts. We have booked them, we have purchased them. With our domestic online capacity in crude oil or products we have storage of around 25 MT,” Pradhan said.He added India has around 38 MT of product and crude oil storage facility which is 18 per cent of the country’s annual energy requirement. Talking about the impact of Covid-19 on India’s oil and gas industry, the minister said Indian refiners are currently grappling with reduced demand and inventory losses.

“A few weeks back we decided to start our economic activities, transportation activities, industrial activities in the rural areas of the countryside and gradually we are edging out from the lockdown. Our demand is picking up,” Pradhan said.

Advertising

OEM Android App

Your future advertising space? Our media data

Cookie Consent

We use cookies to personalize your experience. By continuing to visit this website you agree to our Terms & Conditions, Privacy Policy and Cookie Policy.

Tags: News
Webinar
Webinar

Do you want to advertise here? Contact us

OEM Update QR Code
OEM Update QR Code

Events

Clean India Show
Clean India Show
Factory Automation Expo
Factory Automation Expo
India Essen Welding and Cutting Expo
India Essen Welding and Cutting Expo
Logimat India
Logimat India
Metal Forming Expo
Metal Forming Expo

eMagazine November 2024

eMagazine November 2024
eMagazine November 2024

Do you want to advertise here? Contact us

Our Sponsors

DIRAK
DIRAK
Pragati Gears
Pragati Gears
Carl Zeiss India
Carl Zeiss India
STMCNC
STMCNC
Nord
Nord
Messer Cutting
Messer Cutting
Atos Profilo
Atos Profilo
Fronius
Fronius
SCHMALZ
SCHMALZ
Sigma-Weild
Sigma-Weild
Mallcom
Mallcom
igus
igus
DH Secheron Electrodes
DH Secheron Electrodes
Timken India
Timken India
UNP Polyvalves India Pvt Ltd
UNP Polyvalves India Pvt Ltd
ENS Oils & Lubricants
ENS Oils & Lubricants
Super Slides
Super Slides
Autonics
Autonics
Fuel Instruments  Engineers
Fuel Instruments  Engineers
Velvex
Velvex
Universal Orbital
Universal Orbital
Chicago Pneumatic Tools
Chicago Pneumatic Tools
MMC Hardmetal Pvt Ltd
MMC Hardmetal Pvt Ltd
Mennekes
Mennekes
ACD Machines
ACD Machines
TruCut
TruCut
tectyl
tectyl
BKT Tires
BKT Tires
Fibro India
Fibro India
Deceler
Deceler
Balluff
Balluff
Urgo Capital
Urgo Capital
Amsak Cranes
Amsak Cranes
Molygraph
Molygraph
SKS Welding
SKS Welding
pioneer Cranes
pioneer Cranes
Exorint
Exorint
Schmersal India
Schmersal India
Exon mobil
Exon mobil