India's efforts have not met with success, it is not ready to take payment in any rupee on the purchase of crude oil, the government has informed

-


Crude Oil Import: India's initiative to pay for crude oil imports in rupees has not met with much success so far. While giving this information to the Standing Committee of the Parliament, the Petroleum Ministry said that the suppliers have raised concerns about the repatriation cost of the funds. Under international trade tradition, the prevailing currency for payment of all contracts for the import of crude oil is the US dollar. However, RBI allowed import and export in rupees on 11 July 2022 to internationalize the Indian rupee. Under which there has been success in non-oil trade with some countries. But crude oil exporters are moving away from the rupee.

Payment for import of crude oil is not in rupees

The Parliamentary Committee related to the Ministry of Petroleum has said in this regard that during the financial year 2022-23, the public petroleum company has not made any payment for the import of crude oil in Indian rupees. Crude oil supplying countries have expressed concerns about converting money into preferred currencies, the associated high transaction costs and exchange rate risks.

Payment for crude oil can be made in Indian rupees

According to a committee report tabled in Parliament last week, major Indian Oil Corporation said it faced high transaction costs as crude oil suppliers were passing on the burden of additional transaction costs to the IOC. Payment for crude oil can be made in Indian rupees, provided suppliers follow regulatory guidelines in this regard, the ministry said. Besides, the ministry said that currently Reliance Industries Limited and public sector petroleum companies have not entered into any agreement to purchase crude oil in Indian currency.

India is currently the world's third largest energy consumer

India is the third largest energy consumer in the world and is also import dependent to meet most of its needs. According to the information received from the Ministry, India's consumption is around 55-56 lakh barrels per day. Of which 46 lakh barrels are imported per day, which is about 10 percent of the total oil trade in the world.

Comments

Post a Comment

Popular posts from this blog

A new elan in the world of smuggling - Go Digital!

-
Image
- Smile Index - Vanity - We have to change with the times, our grandfathers brought clocks and tape recorders, fathers are in gold, the new generation will do with laptops. There was a message in the WhatsApp group of smugglers: Everyone is going to zoom at exactly three o'clock in the night. A smuggler hit back. I am currently in Gujarat, it is not possible to zoom properly here. ' Another smuggler joked.' Lya, we and the law?' Pella replied, 'Brother, everything is available in government law, but now there is no supply in excess of hearing.' The third wrote, 'Consignments used to arrive in ships at three-three-four-four in the night have all become the era of 70s movies. Now it is the world of landing on a clear day with a gold capsule on the belt. So why the meeting at 3 o'clock in the night?' The admin's message came, 'Now we have to go back to the days of ships. Bringing in a large flight will not work. More details at the meeti
Read more

A new elan in the world of smuggling - Go Digital!

-
Image
- Smile Index - Vanity - We have to change with the times, our grandfathers brought clocks and tape recorders, fathers are in gold, the new generation will do with laptops. There was a message in the WhatsApp group of smugglers: Everyone is going to zoom at exactly three o'clock in the night. A smuggler hit back. I am currently in Gujarat, it is not possible to zoom properly here. ' Another smuggler joked.' Lya, we and the law?' Pella replied, 'Brother, everything is available in government law, but now there is no supply in excess of hearing.' The third wrote, 'Consignments used to arrive in ships at three-three-four-four in the night have all become the era of 70s movies. Now it is the world of landing on a clear day with a gold capsule on the belt. So why the meeting at 3 o'clock in the night?' The admin's message came, 'Now we have to go back to the days of ships. Bringing in a large flight will not work. More details at the meeti
Read more

Detailed information about the descalant sulfamic acid

-
Image
- Industrial guidance-long description Boiler scale: When hard water is heated or evaporated inside the boiler walls and tubes, the calcium carbonate, calcium sulfate or other minerals in the hard water are deposited on the boiler walls or tubes after the water is evaporated. If this boiler scale is not removed from the boiler, the life of the boiler ends. That is why soft water is used in most boilers. (treated to remove calcium and magnesium ions before use). Hard water: Hard rock type soils will rot over a long period of time if the water does not contain low percentages of calcium, magnesium carbonate, bicarbonate sulfate or chloride. Degree of Hardness: Grains per gallon or parts per million (ppm) of calcium to measure water hardness. (1 grain of cac03 per gallon is equal to - 17-1 ppm) Up to 5 grains is considered soft water. More than 30, grains is very hard water. The impurity shown above can produce boiler scale. Also can make metal coossive. The temporary hardness can b
Read more