Centre Orders Fuel Companies To Furnish Production, Export Data To Oil Ministry Body
· Free Press Journal
Amid crude and natural gas supplies tumbling due to the United States-Israel-Iran war in West Asia, the Centre has asked oil and gas companies to submit details of fuel production, exports, and inventories to the Petroleum Planning and Analysis Cell (PPAC) of the government.
The Petroleum Planning and Analysis Cell (PPAC) is an attached office under India’s Ministry of Petroleum and Natural Gas, acting as the nodal agency for monitoring and analysing data across the oil and gas sector.
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The government has directed companies to share information regardless of any “contract, agreement, commercial arrangement or confidentiality obligation,” according to an order issued on Wednesday, as per Reuters.
Iran Missile Strike Hits Qatar’s Ras Laffan Gas Hub, Oil Prices Surge Above $108 Amid Rising Middle East TensionsThe order further directed that no entity can refuse to share details by claiming the information is “commercially sensitive or proprietary”.
All companies involved in the oil and gas supply chain, including oil producers, importers, refiners, fuel and gas retailers, liquefied natural gas importers, pipeline operators, and petrochemical plants, were ordered to provide PPAC with data, the report added.
The latest mandate for oil companies has come after the government recently directed fuel firms to operate at full capacity to meet domestic demand.
India Has Adequate Crude Oil, LPG Concerns Persist Amid West Asia TensionsThe supply of crude oil and natural gas has come to a near halt after the Iran war started in late February. India has been particularly hit by the conflict as it is dependent on imports to fulfil about 90 percent of its energy needs. This makes the country the world’s third-largest oil importer and consumer.
The country is also the world’s fourth-largest refiner, with companies like Reliance Industries exporting refined products.
The decision has come even as the warring sides in West Asia have again started attacking each other’s energy infrastructure, with Qatar being the latest victim.
It reported attacks on its Ras Laffan refinery of natural gas.
The Ras Laffan refinery is one of the world’s largest condensate processing facilities, producing liquefied natural gas, jet fuel, and gas oil. Qatar on Wednesday claimed that Iran’s strikes on the Ras Laffan Industrial City, the country’s main gas facility, caused significant damage.
The attack has again triggered concerns that gas supply may further tighten due to the disruption.