New Delhi, February 1 (). Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Sunday highlighted India’s long-term purchase of crude oil from Venezuela. He said Indian refineries are capable of processing the heavy oil produced by Venezuela.
Speaking to in the national capital after the recently concluded India Energy Week 2026, Union Minister Puri said delegations from several countries, including Venezuela, participated in the event and emphasized that India’s relationship with Venezuelan oil goes back many years.
He also talked about India’s energy sector in the context of the Union Budget 2026-27.
Describing the budget as extremely positive and future-oriented, he said that it will not only accelerate the growth pace of India’s current $4.2 trillion economy, but will also support the energy transition, which is a major goal of his ministry.
He pointed to provisions in the Budget that will benefit both upstream companies involved in mining and downstream companies operating integrated refineries with petrochemical capabilities.
Regarding important minerals, Union Minister Puri said that the responsibility of their development is not the sole responsibility of his ministry.
He told that several ministries, especially energy-related ones, are engaged in efforts to promote exploration and discovery in India, and state-owned Oil India Limited is actively participating in the sector.
Union Minister Puri further said that the recent budget measures will give further impetus to exploration activities.
He emphasized that modern refineries are no longer built just to refine crude oil, but are also designed for integrated petrochemical production and other uses, and the focus on these areas in the Budget will help the industry adapt to the global shift towards clean energy.
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