India has widened the energy import sources amid the West Asia crisis that led to severe disruptions in the supply chain via Strait of Hormuz. The country,
which is dependent on external sources for its oil needs said it has sharply widened its energy import base, sourcing liquefied natural gas (LNG) from 15 countries, up from six, and crude oil from 41 countries, compared with 27 earlier, as per government's statement to Rajya Sabha. The ministry of petroleum and natural gas told Rajya Sabha that the broader sourcing network was intended to limit India's exposure to disruptions in any single market or shipping route. "This diversification has reduced dependence on any particular country, region or transit route and enhanced India's ability to manage supply disruptions and market volatility," minister of state for petroleum and natural gas Suresh Gopi said in a written reply. The ministry said it was tracking potential threats to energy flows and assessing global supply conditions in coordination with public-sector oil and gas companies and other stakeholders. "Government, in consultation with Public Sector Oil and Gas Companies and other stakeholders, continuously assesses global supply conditions and acts appropriately to ensure uninterrupted availability of crude oil, LNG and petroleum products," the MoS said in his reply. The expansion of the LNG supplier base is the latest indication of India's efforts to spread its energy procurement across more markets. The increase in crude oil sourcing to 41 countries had been disclosed earlier as India responded to risks to energy shipments through the Middle East. As per the information shared by the MoS, government is also expanding its ability to hold crude domestically as the Indian Strategic Petroleum Reserve Ltd currently operates three storage facilities in Andhra Pradesh and Karnataka with a combined capacity of 5.33 million metric tonnes. Further, another 6.5 million tonnes of capacity has been approved through two commercial-cum-strategic reserves at Chandikhol in Odisha and Padur in Karnataka. However, these facilities are not yet available for use.
