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India, UAE in talks for oil-for-food-programme

Under this scheme both countries will exchange crude oil for food

Policy Pulse
Publish Date: Mar 11 2016 4:22PM | Updated Date: Mar 11 2016 4:22PM

India, UAE in talks for oil-for-food-programme

 India is in talks with countries in the Middle East for a scheme under which they can exchange crude oil for food. 

 
Oil minister Dharmendra Pradhan said on Friday that the country is in talks with the UAE and a few more countries for an oil-for-food programme. 
 
He said discussions between these countries are being held at the leadership level. 
 
India, which is the third biggest crude oil consumer in the world, imports almost 80 percent of its crude oil requirement from overseas, a majority of which is met through shipments from the Middle East nations.