India starts exporting petroleum products to Myanmar
New Delhi: India on Monday started exporting petroleum products to Myanmar by road, discovering a new market for its fast- growing oil refining sector at a time when renewable energy and electric mobility are laying claim to a higher share of the domestic energy market.
“The first consignment of 30 tonnes of high speed diesel was sent today from India to Myanmar by land route,” said an oil ministry statement, adding that Numaligarh Refinery Ltd. exported the fuel.
Numaligarh Refinery despatched the first diesel consignment across the Moreh Custom Check Point on the Indian side and Tamu Custom Check Point on the Myanmar side, added the statement. The Indian state-owned refinery is already supplying diesel to Bangladesh.
Numaligarh Refinery, situated 420 km from the India-Myanmar border, has tied up with Myanmar’s Parami Energy Group of Companies for the supply of diesel. Myanmar has opened up a new market for India’s export of petroleum products, which at $12 billion in 2016-17, had grown 12.61% from a year ago.
India’s refining capacity of 230 million tonne is also expanding at about 7%. The country is now preparing to build a 60 million tonne a year refinery-cum petrochemical complex in Maharashtra, which is expected to be completed by 2022. Such refinery capacity expansion when growing renewable energy generation is eating into consumption of diesel for power generation, necessitates refiners to find new markets.
Supply of diesel to Myanmar is part of Prime Minister Narendra Modi’s goal of having better hydrocarbon synergy with neighbouring countries as well as promoting India’s ‘Act East Policy,’ said the oil ministry statement.
Oil minister Dharmendra Pradhan had visited Myanmar in February this year to explore collaboration in the oil and gas sector including setting up of liquified natural gas terminals, retail marketing, refurbishment of refineries and participation in exploration of hydrocarbons.
- Deals Buzz: Sequoia plans largest India fund at $1 billion
- Karni Sena panel to watch ‘Padmaavat’, fringe wants ordinance banning the film
- Google adds audio books on Play Store; here’s how to get them
- All 10 Asean leaders arrive in India today for commemorative summit
- OnePlus 5T re-review: More radiant with better software and a Lava Red dress