India aims to reduce hydrocarbon imports by 10 pct by 2022, says oil minister

The minister also said there will no cess or duties assessed on new oil and gas exploration projects.

By: Reuters | Singapore | Published:September 9, 2016 2:55 pm

India aims to reduce its hydrocarbon imports by 10 percent by 2022 through increasing domestic output, fuel efficiency and the use of alternative energy, its oil minister said on Friday.

India currently imports 70-75 percent of its energy requirements, Minister of State for Petroleum and Natural Gas Dharmendra Pradhan told reporters. The minister spoke on the sidelines of a roadshow in Singapore for investors to explore oil and gas in India.

“A good number of companies are taking our data,” Pradhan said, although he declined to name those who have shown interest.

The minister also said there will no cess or duties assessed on new oil and gas exploration projects.