Once again, India boycotted China and stopped importing crude oil

Amid ongoing tensions with China in Ladakh, Indian companies have taken another decision against China. consistent with a Reuters report, Indian state-owned refineries have now stopped buying petroleum from Chinese companies. Earlier, the Indian government had tightened rules on imports from neighboring countries. On July 23, the Modi government announced new rules amid a border dispute between India and China. Sources told Reuters that since the new order was issued, government refineries are adding a clause to their import tenders.



Last week, India’s state-owned refinery decided to shut tenders for petroleum imports from Chinese trading companies CNOOC Ltd, Unipec, and PetroChina, the source said. The Indian government has not yet issued any statement on Indian Oil Corps, Bharat Petroleum Corp, Hindustan Petroleum Corp, Mangalore Refinery and Petrochemical.

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Under the new rules, companies from neighboring countries were required to register with the Department of Commerce to participate in Indian tenders. India shares borders with China, Pakistan, Bangladesh, Myanmar, Nepal, and Bhutan, but the govt statement didn’t name any country separately. But it’s clearly seen as a step towards curbing Chinese investment. India is the world’s third-largest consumer and imports 64% of its oil demand...Click here to read more: https://times24tv.com/once-again-india-boycotted-china-and-stopped-importing-crude-oil/

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