Oil imports will be halved in five years: M Veerappa Moily

Union minister for petroleum and natural gas M Veerappa Moily has hinted at cutting oil imports by 50% in a phased manner in the next five years. According to Moily, 80 per cent of oil and LPG is imported from oil producing and exporting countries which is eating away the country’s foreign exchange.

Speaking to the media persons on the sidelines of a function to release the Konkani version of his Kannada novel ‘Tembere’, Moily said: “We cannot throw up our arms in despair over the non-availability of oil and keep on importing oil at this rate and prices. We have over 4 billion tonnes of coal which can be harnessed for firing the growth engines by using the latest environment-friendly technology.  We have to achieve self sufficiency in industry by using our own fuel sources,” he said.

Moily denied that there was intense pressure to boot out S Jaipal Reddy from the petroleum ministry by the Reliance group. “No single individual can overrule the laws of the country. The department should run in accordance with the existing rules and not with anybody’s pressure,” he said.