India’s requirement of Nigerian crude oil was set to rise to 360,000 bpd in fiscal beginning April 2012 versus 264,000 bpd in 2009-10, Reddy said in a statement.
Indian refiners are expanding capacity as near-nine percent economic growth in the Asian nation boosts sales of cars and motorcycles, and rising affluence increases air travel.
India’s refining capacity would rise to 4.8 million bpd by March 2012 from the current 3.7 million bpd.
Referring to India’s demand for sourcing liquefied natural gas from Nigeria, its Foreign Minister Odien Ajumogobia said GAIL (India) Ltd is in race to acquire stake in Nigeria LNG (NLNG).
Nigeria LNG is owned by Nigerian National Petroleum Corporation (NNPC) with 49 percent percent, Shell 25.6 percent, Total 15 percent and Eni 10.4 percent.
The statement said GAIL was looking at participating in the Nigerian Gas Master Plan Project (NGMP) and has submitted a proposal along with other international consortium members.
GAIL was also keen to take equity in the upcoming Brass LNG and OK LNG Projects to ensure long-term sourcing of LNG from Nigeria, it said.
Japanese trading firm — LNG Japan — had taken up a strategic partnership role in Brass LNG project, Nigeria’s acting president Goodluck Jonathan said earlier this month.
