New Delhi [India], March 24 : Prime Minister Narendra Modi on Tuesday said that India has sufficient crude oil reserves and robust arrangements for continuous supply amid the ongoing West Asia conflict.
He highlighted the expansion of strategic petroleum reserves and increased refining capacity, as global trade through the Strait of Hormuz faces disruptions.
Addressing the Rajya Sabha, PM Modi said, "...In the last 11 years, strategic petroleum reserves have been developed to more than 53 lakh metric tonnes, and work is underway to expand them to over 65 lakh metric tonnes. Additionally, India's refining capacity has also been significantly increased in the last decade. I want to assure the House and the country through you that India has adequate crude oil storage and arrangements for continuous supply."
"The Hormuz Strait is one of the largest routes for global trade. A significant amount of transport related to crude oil, gas, and fertilisers takes place through this region... Our endeavour is to ensure that oil and gas supplies reach India from wherever possible. The country is witnessing the results of such efforts. In the past few days, ships carrying crude oil and LPG from several countries have arrived in India. Our efforts in this direction will continue in the coming days as well," PM Modi said.
Prime Minister said that India has expanded its energy import sources from 27 to 41 countries over the past decade and is working to reduce dependence on any single fuel, while accelerating domestic gas distribution, including piped natural gas and LPG, across the country.
"...Any crisis tests both our courage and our efforts. To ensure that the country can face such challenges effectively, continuous decisions have been made over the past 11 years. The diversification of energy imports is part of these efforts. Earlier, for energy needs such as crude oil, LNG, and LPG, imports were sourced from 27 countries. Today, India imports energy from 41 countries," he said.
"Our government is making efforts to ensure that we do not have excessive dependence on any one source of fuel. The government is also focusing on PNG, along with LPG, in the domestic gas supply. In the last decade, unprecedented work has been done on PNG connections in the country. In recent days, this work has been further accelerated," he said.
Prime Minister said that the ongoing conflict has disrupted global economies, causing significant losses, and stressed that India is taking continuous measures to limit the impact on the country.
"The current crisis has shaken the economies of the entire world. The losses incurred in West Asia so far will take a long time for the world to recover from. Continuous efforts are being made to ensure that India is minimally affected by this," PM Modi said.
He said that the government has made all necessary preparations to ensure adequate fertiliser availability for farmers during the upcoming sowing season.
"I am fully confident that through collective efforts, we will be able to face the situation better. The government is also making efforts to ensure that farmers receive adequate fertilisers during the upcoming sowing season. The government has made necessary preparations to ensure a sufficient supply of fertilisers. The government is continuously striving to ensure that farmers do not bear the burden of any crisis," he said.