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India, Middle East countries in talks on oil-for-food scheme

Friday, March 11, 2016 - 17:23

[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

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