'Grave impact certain if…': PM cautions on West Asia crisis
What's the story
Prime Minister Narendra Modi on Tuesday said that India's efforts have been to see that ships carrying oil, gas, fertilizer, or any other critical cargo arrive safely in India. "But if the global circumstances due to war persist for a long time, then its grave impact is certain. So, India is further speeding up its efforts that were made to enhance its resilience in the past few years," he said while addressing the Rajya Sabha.
Crude
Strategic petroleum reserves have been developed
He said currently India has enough crude oil storage and continuous supply arrangements in place. He made the statement amid the ongoing conflict in West Asia, which has disrupted global trade through the Strait of Hormuz. "In the last 11 years, strategic petroleum reserves have been developed to more than 53 lakh metric tons," he said. "And work is underway to expand them to over 65 lakh metric tons," he added.
Capacity expansion
Refining capacity increased in last decade
PM Modi also spoke about the increase in India's refining capacity in the last decade. He said, "I want to assure the House and the country through you that India has adequate crude oil storage and arrangements for continuous supply." The prime minister further informed that India has diversified its energy import sources from 27 to 41 countries over the past decade.
Energy diversification
Efforts to reduce dependence on 1 source of fuel
The prime minister further said that the government is working to reduce dependence on any one source of fuel. "Our government is making efforts to ensure that we do not have excessive dependence on any one source of fuel," he said. He said that the ongoing conflict has shaken global economies and caused huge losses. "Continuous efforts are being made to ensure that India is minimally affected by this," he said.