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News // Asia

India Likely to Privatize Oil Oil Fields

28 February 2008 , 13:24743
Indian state-run firms ONGC and Oil India have marked oil output fall from old fields like those in Gujarat and Assam.

India, which spent 48.389 billion dollars to import its crude oil needs in 2006-07, has already spent 48.02 billion dollars on crude imports in the first nine months of the current fiscal because of rise in international oil prices.

The Government raised price of petrol and diesel by Rs two per litre and Re one a litre respectively, that could contribute 0.19 per cent increase in inflation.

The Parliament is likely to sell old oil fields to private oil companies to provide those fields with oil recovery techniques.

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