State-owned exploration firm Oil and Natural Gas Corporation has sought lifting of ban of exporting indigenous crude oil saying such a move would not have any security implications.
"Crude oil is a tradeable commodity and not a strategic resource. I don't think there would be any security implication if the export ban is lifted," ONGC chairman and managing director Subir Raha told reporters in New Delhi.
In case of contingency situations, he said, "we ourselves would not export."
After de-regulation in April 2002, ONGC crude oil was freed from state price controls and was indexed to global oil markets.
"We are close to signing a pricing agreement with refiners for our crude, which has been benchmarked to West African Bonny Light crude. Broad principles have been agreed and we will charge them (refiners) on the basis of daily price quotes of the crude of like quality on major oil markets," he said.
ONGC, which had begun charging the refiners at $22 a barrel beginning April 1, 2002 on an interim basis pending finalisation of pricing agreement, would get the price from retrospective effect.
"We will share the benefits with refiners. While we will charge FOB (freight on board) price for our crude, the incremental costs like freight, insurance and duties that the oil refiners have to bear on imports, must be shared," he said.
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