Mangalore, December 7: Import of crude oil can be reduced to 50% by 2016-17, said M Veerappa Moily, Union Minister for Petroleum and Natural Gas.
Speaking at a programme organized at the Kanara Chamber of Commerce and Industry (KCCI) in Mangalore on Friday, Mr. Moily said that there are ways in which dependency on oil can be brought down. “At the moment 80% of oil is imported. A roadmap is being prepared to reduce 50% of India's imports of crude oil by 2016-17”, the Minister said.
Mr. Moily said that gas pipelines across the country are the way forward and spoke about the GAIL gas pipeline project which will enter Mangalore. He also said that a Bangalore-Mangalore pipeline project will also come up in the future.
Reiterating his claim that India can become self-sufficient in oil, Mr. Moily said that one of the reasons why Barack Obama was re-elected as President of the United States of America was his attempt to make US self-sufficient in oil.
Speaking on the approval of FDI in retail in the Parliament, Mr. Moily said that the reform will create more employment opportunities. “There is always opposition and resistance in the beginning. Even in countries like Thailand, South Korea, China and Brazil, there was opposition to FDI in the beginning but later they embraced it. Similar was the case when UPA-1 introduced VAT in 2004. There were states who opposed it but today everyone has adopted it and the state treasuries are full”, he said.
Mohammed Ameen, President, KCCI, submitted a memorandum to the Union Minister on the occasion which included suggestions such as setting up of LNG Terminal at NMPT, introduction of duty free bunkers for coastal shipping, intra trade between oil marketing companies, gasifying coal, promotion of hydro-carbon study from coastal Karnataka region, fixation of refinery point rates for petroleum products of MRPL etc. The memorandum also sought relief for MSEZ from Minimum Alternate Tax, development of MSEZ pipeline corridor besides other demands.
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