Finance Minister Pranab Mukherji has said the government is concerned by the ongoing turmoil in Middle East and North Africa as the country imports two-third of its oil imports from the region. Replying to a debate on finance bill in the Rajya Sabha, he said, out of 100 milliontonnes imported last year, 67 million tonne camefrom Middle East alone. He said, if the situation remains unstable there, it is quite natural for anyone to express concern. He also expressed hope that peace and stability will return in the region as India's vital interests are linked to that. Mr Mukherji also pointed out that there were six million Non-Resident Indians in the Middle East. The statement comes at a time when the political turmoil in places like Libya and Bahrain has taken global crude prices to over 100 US dollar per barrel. Crude prices had touched a 30-months high of 120 US dollar per barrel last month following unrest in Egypt and Tunisia. In his reply, the Finance Minister also said that increase in global commodity prices was a reality to be lived with.
News On AIR | March 24, 2011 6:04 PM
Middle East unrest: India concerned as it imports two-third of its oil from the region