India, Middle East countries in talks on oil-for-food scheme
[NEW DELHI] India is in talks with countries in the Middle East for a scheme under which they can exchange crude oil for food.
India oil minister Dharmendra Pradhan said on Friday that the country is in talks with the UAE and a few more countries for an oil-for-food programme.
He said discussions between these countries are being held at the leadership level.
India, which is the third biggest crude oil consumer in the world, imports almost 80 per cent of its crude oil requirement from overseas, a majority of which is met through shipments from the Middle East nations.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Asia: Oil surges, equities sink as Iran blasts fan Middle East escalation fears
Gold set for fifth weekly gain as geopolitical risks buoy demand
Oil holds near 3-week low as US sanctions interrupt easing tensions
Seatrium unit ordered to pay US$108 million in arbitration over equipment supply contracts
BP reshapes its leadership team as some executives leave
BHP to decide on future of nickel business by August, trims met coal estimates