High level committee recommends strategy to reduce crude oil imports

The import dependency of crude oil and liquified natural gas during the year was 82.59 per cent and 45.89 per cent

In a report submitted to the oil ministry on Tuesday, a high level committee (HLC) of companies has recommended strategies to reduce import dependency. The committee was formed to discuss research-related synergies and tax issues for state-run oil companies.

The committee also explored the possibility of forming a new entity for oil services and related manpower. “It also explored the need and possibility of formation of new entity dealing with oil services and supply of qualified manpower to oil and gas sector around the world,” the ministry said in its statement.

The committee consisted of Anil Kakodkar (scientist) and Sidharth