New Delhi [India], March 5 : Airports Authority of India (AAI) has refuted any reports claiming that the airport operator has sought details regarding Aviation Turbine Fuel (ATF) stock at international airports amid the ongoing conflict in West Asia.
In a press release, AAI stated that it does not exercise oversight over fuel inventories in airports.
AAI said, "There are some media reports with reference to Airports Authority of India (AAI) that AAI has sought details regarding Aviation Turbine Fuel (ATF) stock positions at international airports in the context of the prevailing geopolitical situation in West Asia."
Categorically denying the reports, the AAI said, "The Authority states that it has not asked formally or informally any airport operator to furnish details regarding fuel stocks or estimated fuel requirements. The reports suggesting such communication are false and factually incorrect."
Further, the airport authority advised citizens against the circulation of factually incorrect information.
"It is further reiterated that AAI functions strictly within its defined mandate. The AAI is an airport operator and navigation service provider. It does not exercise oversight over fuel inventories. AAI remains committed to the safe, secure, and efficient management of airport infrastructure. Hence, AAI advises against the circulation of unverified, false and factually incorrect information," the press release read.
The speculations came at a time when global oil markets are witnessing volatility after the United States and Israel carried out joint military strikes on the major producing nation, Iran, also pulling West Asia into the ambit of a conflict.
Qatar Energy has also announced that it would halt production of its liquefied natural gas (LNG) and associated products, declaring force majeure, affecting buyers and stakeholders.
A force majeure notice is a formal contract notice sent when an unforeseen, uncontrollable event, such as war or a natural disaster, prevents a party from meeting its obligations.
Amid turmoil in West Asia, government sources said that India has a total of eight weeks of crude oil and petroleum products inventory, which includes strategic reserves, and only about 40 per cent of India's crude oil imports transit through the Strait of Hormuz, significantly limiting exposure to regional disruptions.
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