Road-Map Soon To Raise Oil Consumption To Six Barrels/yr Per Person: India

New Delhi, Oct 29, IRNA - New Oil Minister M Veerappa Moily promised Monday expeditious decision making as he set a target for more than tripling of oil consumption in the country to boost economic growth. Moily said he would soon bring out a road map for bringing consumption up to six barrels per person per year. "Average worldwide oil consumption is 14 barrels per person per year while, in developing countries, it is three barrels per person per year. In India the picture is not so happy with a consumption of 1.2 barrels per person per year. This is a matter of grave concern," he said after taking over as Minister of Petroleum and Natural Gas today. Listing out priorities, Moily said investment policy had to be made conducive for foreign investment and delays in decision making avoid it. "Decisions will be quickened and efforts will be made not to keep things pending," he added. Moily, who replaced S Jaipal Reddy, said his priority would be to intensify domestic oil and gas exploration to reduce import dependence that had played havoc with inflation. Laying out priorities, Moily said a conducive environment would be created for domestic and foreign companies to explore for oil and gas so as India's import dependence, which is at an alarming level of 80 per cent, is reduced. Also, the vexed issue of losses state retailers suffer on selling fuel below cost will be addressed by bringing in efficiencies and not by cutting subsidies. The Ministry of Petroleum and Natural Gas, Moily said, was a challenging ministry that affected the national economy in a very big way./end