Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, emphasized India’s historical purchases of Venezuelan crude during the India Energy Week 2026. He mentioned that Indian refineries have the capability to process the heavier oil produced by Venezuela. Delegations from various countries, including Venezuela, participated in the event, showcasing the long-standing ties between India and Venezuelan oil.
The Union Minister praised the Union Budget 2026-27 as “very positive” and “forward-looking,” stating that it will not only boost India’s economy but also support the energy transition, a key focus of his Ministry. He highlighted provisions in the budget that will benefit both upstream companies engaged in extraction and downstream firms operating integrated refineries with petrochemical capabilities.
Regarding critical minerals, Union Minister Puri emphasized that the responsibility for their development extends beyond his Ministry. He mentioned the active involvement of state-owned Oil India Limited in exploration efforts and noted that multiple Ministries, particularly those related to energy, are working to enhance exploration and discovery within India. The recent budgetary measures are expected to further drive exploration activities in the country.
Union Minister Puri underscored the shift in modern refineries towards integrated petrochemical production and other uses, aligning with the global trend towards cleaner energy. He pointed out that the budget’s focus on these areas will aid the industry in adapting to this global transition. These remarks come in the context of US President Donald Trump’s statement claiming that India will shift to purchasing oil from Venezuela instead of Iran.
