India eases regulation of crude imports

State-owned refiners in India have been empowered to develop their own policies for importing crude oil.

The policy-making Union Cabinet of ministers removed a requirement that the companies, known in India as public sector undertakings (PSUs), receive government approval for crude imports. It also eased restrictions on spot purchases of crude.

The former policy didn’t apply to private Indian refiners such as Reliance Industries Ltd. and Essar Energy.

In a statement, the government said the move “will increase the operational and commercial flexibility of the oil companies and enable them to adopt the most effective procurement practices for import of crude oil.”

The affected PSUs will remain subject to guidelines of the anticorruption Central Vigilance Commission.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...