New Delhi: Prime Minister Atal Behari Vajpayee on February 3 reviewed India's
preparedness to meet any eventuality arising out of disruption in crude oil supplies
in the event of war in Iraq.
"We have put in place a contingency plan to meet any eventuality. Oil companies have
topped their tanks and we have enough stockpile of crude oil and product to meet
country's demand for two months," Petroleum Minister Ram Naik told reporters after
the review meeting in New Delhi.
Oil companies have stockpiled over 45 days of petroleum product and 15 days of crude
oil supplies.
Sources said Kuwait, a major crude oil supplier to India, which is likely to be
affected in case of a conflict in Iraq, has assured safe delivery by converting
Kuwaiti flag vessels to US flag ones.
Besides, enough supplies have been contracted to meet the country's demand in the
near future.
Asserting that government had a contingency plan ready to meet any eventuality, Naik
said enough supplies have been contracted from countries beyond the conflict
zone.
"We import only 1.4 million tonnes of crude oil from Iraq. In the event of war only
these supplies could be affected," he said adding while asserting that crude oil
supplies from other sources would not be affected in case a war breaks out in
Iraq.
He said a blueprint for building strategic reserves of crude oil is being prepared,
which will be implemented in a phased manner as it involves huge amount of investment
in
constructing tankages and maintaining the stockpile.
PTI