New Delhi [India], December 9 : The central government has allowed the Adani Group-owned port at Krishnapatnam in Andhra Pradesh to import petroleum into India by sea in public interest.
Considering the necessity of importing petroleum in the public interest, the central government extended the notification for Krishnapatnam Port in Andhra Pradesh (M/S Adani Krishnapatnam Port Limited) to import petroleum into India by sea.
These imports shall be by operations permitted in the Navigational Safety at Ports Committee (NSPC) for the period from August 25, 2024, to March 1, 2026.
This additional port will help India refine more crude oil on its east coast, and go a long way in energy cost efficiency amid rising international fuel prices.
The country imports oil and gas from various geographical regions including countries from the Middle East, Africa, Europe, North America, South America and South-East Asia. India depends on imports for over 80 per cent of its crude oil requirement.
At the same time, various steps have been taken by the government to increase the production of domestic crude oil and bring down imports.
Adani Group company Adani Ports and SEZ represents a large network of ports with India's largest SEZ at Mundra. The port business is integral to the conglomerate's logistics business and is India's largest private port operator with a presence across 13 locations.
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