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India seeks 3 million tonnes crude from Iraq

July 01, 2003 18:03 IST

India is seeking over 3 million tonnes of crude oil from Iraq this fiscal even as it hopes that the interim US-led regime in Baghdad honours award of an oil exploration block to state-run ONGC Videsh Ltd by the previous Saddam Hussein regime.

"We bought 3 million tonnes of Iraqi crude last fiscal from the spot market. We are looking at slightly larger quantity this year when Baghdad resumes full-fledged oil exports," petroleum secretary B K Chaturvedi said on Tuesday.

Senior government officials held informal discussions with US administration last month during the roadshows held in Houston to attract investment in oil and gas exploration in India.

"When crude exports are restored, we look forward to purchasing more under a term arrangement," he said but did not give any further details.

Iraq's crude exports grounded to a stop in early March in the built-up to the US-led invasion to topple Saddam Hussein.

Before the war, India was processing at least one very large crude carrier of Basrah Light crude. (One VLCC usually carries about two million barrels).

Sources said the US administration has assured to look into India's request once Iraq resumes oil exports in 2-3 months time.

Chaturvedi said New Delhi expected the interim regime to honour award of western dessert Block 8 to OVL as the contract was ratified by Iraqi Parliament.


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