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Oil & Gas Industry Indian Oil Industry Struggles

| Editor: Dominik Stephan

India's oil industry struggles: Three public oil marketing firms yesterday said they were under 'huge financial strain' due to selling diesel, kerosene and cooking gas at subsidised rates and would have reported a combined loss of US $ 24 billion had the Government of India not assisted them, IANS reported.

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Offshore oil rigs in the Gulf of Benghal, India. The Indian oil industry faces financial strains, insiders report.
Offshore oil rigs in the Gulf of Benghal, India. The Indian oil industry faces financial strains, insiders report.
(Picture: ONGC)

Mumbai/India – “A false impression is being created in some sections that the oil marketing companies have recorded huge profits in 2011-12. On the contrary, the OMCs have been incurring huge losses,” Chairmen and Managing Directors of Indian Oil, Hindustan Petroleum and Bharat Petroleum said in a joint statement.

Already in 2011, India's crude imports rose significantly: The country’s provisional crude oil import during 2011-12 stopped at 172.11 MMT. This was 5 per cent more than the crude oil import of 163.59 MMT in 2010-11.

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