A United Nations seminar discussing oil refining in developing countries opened in Delhi on Monday (22 January).
A United Nations seminar discussing oil refining in developing countries opened in Delhi on Monday (22 January). Oil experts from fifty developing countries in Asia, Africa and Latin America exchanged information and experience on various aspects of the petroleum industry with particular emphasis on refining and its effect on national economies.
Overall the developing countries import petroleum which is the most important energy source in such countries. The Indian Minister for Petroleum and Chemicals, Mr. H.R. Gkhale said developing countries were faced with a common problem of breaking free from a vicious circle where the lack of foreign exchange prevented them from importing petroleum needed to accelerate national development. Mr. Gokhale was speaking at the opening session of the seminar.
SYNOPSIS: Delegates from fifty developing countries in Africa, Asia and Latin America are taking part in the fifteen day seminar with oil experts from several developed countries.
India's Minister in charge of petroleum, Mr. Gokhale, said developing countries were faced with the common problem of breaking free from a vicious circle where the lack of foreign exchange prevented them from importing enough petroleum. The commodity remains the most important fuel source in developing countries. Overall, such countries do not produce sufficient and are required to import from oil producers.
Delegates were told that increasing petroleum prices imposed an intolerable burden on developing countries but local refining would reduce the foreign exchange burden and give other important benefits.
A country's own refinery would ensure petroleum products were constantly available, would increase opportunities for industrial development and improve employment potential. Developing countries' petroleum consumption is increasing nine percent annually.