Wednesday, March 16, 2011

India likely to import LNG, buy 36% more oil from Nigeria

New Delhi: India will step up its crude oil import from Nigeria by 36% to 18 million tonne a year (mta) from 2012-13 onwards and is looking at importing liquefied natural gas (LNG) from the West African nation, petroleum minister S Jaipal Reddy said.

Reddy discussed these possibilities with the visiting foreign minister of Nigeria, Henry Odien Ajumogobia on Wednesday, said a statement from the petroleum ministry. Because of the significant expansion in India’s refining capacity, the yearly requirement of Nigerian crude would be 18 mta from 2012-13 onwards, compared to 13.2 mta in 2009-10, the ministry said. India is looking at LNG imports from the African nation as the country’s requirement is expected to go up by 12 to 15 million tonne a year soon.

Ajumogobia indicated that Nigeria LNG was considering GAIL for its planned equity dilution.

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