Libyan crisis to affect crude prices globally
New Delhi   24-Mar-2011

B.N. Bankapur, director, refineries, at IndianOil (IOC), in an interview spoke on the Libyan situation and its impact on oil marketing companies. Edited excerpts:

The Libyan crisis is affecting the crude oil prices once again. How will it affect oil marketing companies that import from Libya?

As far as IOC is concerned, we are not importing any crude. Our processing is only 0.1 million tonnes out of 54 million tonnes. So, it does not make a difference to IOC. In India, the import of Libyan crude is very less. However, the price impact does not only impact Libyan crude but also other crude. So, that in turn will affect the crude in the international markets.

Will you hike petrol prices?

No, I don't think that is a decision to be taken. The director of finance will look into it if the prices have to be hiked.

Gadhafi says international investors can come and invest in oil fields in Libya. Will IOC go and invest there?

It is a good proposal. As the producing fields, they are good. So, if there is an opportunity, one should look at it. But then, one needs to look at the political scenario of the country and take a call accordingly.