Pradhan told Reuters during a visit to the United Arab Emirates that he was "a little bit concerned" about the impact of an oil price rise on consuming countries but that he did not think oil supply will be an issue. "Let's see how things are moving. It's too early to predict in one way. We are watching very carefully."
"This kind of geopolitical (tension) affects both consuming and producing countries. We have to live with the reality of the present geopolitics," Pradhan said.
The oil minister added that there was a consensus between Saudi state oil giant Aramco, the Abu Dhabi National Oil Company ADNOC and Indian companies to firm a joint venture for India's Ratnagiri oil refinery. The planned $44 billion facility in western India will be one of the largest refining and petrochemical complexes in the world at 1.2 million barrels per day.
Saudi Aramco in April signed a deal with India for a 50 per cent stake in the project. Aramco may introduce at a later stage a strategic partner to share its 50 per cent stake.
To read the full story, Subscribe Now at just Rs 249 a month
Already a subscriber? Log in
Subscribe To BS Premium
₹249
Renews automatically
₹1699₹1999
Opt for auto renewal and save Rs. 300 Renews automatically
₹1999
What you get on BS Premium?
-
Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
-
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
Need More Information - write to us at assist@bsmail.in