Indian petroleum exports rise 24.9 percent

India's petroleum exports recorded a 24.9 percent rise during the April 2004-February 2005 fiscal year compared to the same period in the previous year, according to Indo-Asian News Service.

"While 12.93 million tones of petroleum products were exported during the first 11 months of 2003-04, the export during the same period of 2004-05 amounted to 16.14 million tones," Indian Petroleum Minister Mani Shankar Aiyar told Indian parliament in a written reply Tuesday.

In fiscal 2003-04, India's petroleum product exports recorded a higher 42.1 percent growth touch to 14.6 million metric tones, data presented in parliament showed.

Dependent on import for 70 percent of its domestic requirements, India saw a higher import of crude than the average four percent annual rise with refining companies capitalizing on bullish global prices and demand for petroleum products.

The higher export potential saw India importing 95.32 million tones of crude during 2004-05, against 90.4 million tones in the previous year.

In addition, India also imported some petroleum products like kerosene and cooking gas to meet a shortfall in domestic production.

Source: Xinhua