India's Fuel Exports To Rise

<?xml version="1.0" encoding="UTF-8"?><root available-locales="en_US," default-locale="en_US"><static-content language-id="en_US"><![CDATA[<p>India's fuel exports are likely to touch about 70 million tonnes by 2014, a government statement said on Monday, compared to 50 million tonnes in the financial year ending March 2011.<br><br>India's fuel exports will rise as the country has been expanding its refining capacity which is expected to rise 20 per cent to about 4.65 million barrels per day at the end of the current fiscal year in March.<br><br>India has a surplus refining capacity but it still imports fuel as private firms, controlling over a third of current capacity, prefer to export.<br><br>"With Africa's economic development picking up momentum and its energy demand increasing, India is poised to become a dependable supplier of petroleum products to Africa," the government statement ahead of an India-Africa Hydrocarbon summit this week.<br><br><br>(Reuters)</p>