Once again, India boycotted China and stopped importing crude oil

Once again, India boycotted China and stopped importing crude oil

Amid ongoing tensions with China in Ladakh, Indian companies have taken another decision against China. consistent with a Reuters report, Indian state-owned refineries have now stopped buying petroleum from Chinese companies. Earlier, the Indian government had tightened rules on imports from neighboring countries. On July 23, the Modi government announced new rules amid a border dispute between India and China. Sources told Reuters that since the new order was issued, government refineries are adding a clause to their import tenders.

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Last week, India’s state-owned refinery decided to shut tenders for petroleum imports from Chinese trading companies CNOOC Ltd, Unipec, and PetroChina, the source said. The Indian government has not yet issued any statement on Indian Oil Corps, Bharat Petroleum Corp, Hindustan Petroleum Corp, Mangalore Refinery and Petrochemical.

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Under the new rules, companies from neighboring countries were required to register with the Department of Commerce to participate in Indian tenders. India shares borders with China, Pakistan, Bangladesh, Myanmar, Nepal, and Bhutan, but the govt statement didn’t name any country separately. But it’s clearly seen as a step towards curbing Chinese investment. India is the world’s third-largest consumer and imports 64% of its oil demand. Although China doesn’t export large quantities of petroleum to India. Analysts say the move won’t have much impact.

India and China have held several rounds of military talks to resolve the dispute over the LAC. On the opposite hand, discussions continue at the diplomatic level also. However, no solution has been found within the talks yet. China remains standing within the Pangong area and isn’t able to backtrack from Finger-5. India has also made its position clear that no change is going to be accepted during this situation.

In an interview with Rediff on Wednesday, External Affairs Minister S Jayashankar described things in Ladakh because of the worst since 1972. This is definitely the foremost serious situation since 1982,” Jayashankar told Rediff in an interview before his book was published. For the primary time in 45 years, our troops have died at the border. There are tons of troops deployed on each side of the LAC, which is unprecedented.”

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