"Oil Producers Don't Want To Miss India's Bus": Dharmendra Pradhan

New Delhi: India is in talks with some UAE-based companies to jointly bid for oil blocks in the UAE, oil minister Dharmendra Pradhan said today. "We are in talks that India could bid in the next licensing round of UAE with some Middle Eastern nation companies like Mubadala," Mr Pradhan said.

"Oil producers don't want to miss India's bus," Mr Pradhan said, referring to India's enhanced role in global markets.

India, the world's third-biggest oil importer and consumer, imports about 80 per cent of its oil needs, mostly from the Middle East.

Mr Pradhan said India would consider leasing a part of its third strategic reserve in Padur if Abu Dhabi National Oil Company is interested. ADNOC has leased a part of India's strategic reserve at Mangalore.