India in talks with UAE on oil-for-food exchange

New Delhi, March 11 (IANS) Union Petroleum Minister Dharmendra Pradhan said here on Friday that India is in talks with some countries on a scheme of “strategic security”.

The scheme involves exchange of food from India for crude oil.

“Talks at the leadership level between India and United Arab Emirates have taken place, as well as with some other countries, on the concept of a strategic security that involves exchanging food for oil,” Pradhan told reporters.

“We have excess production of certain foodgrain like rice and wheat, while countries like the UAE have a lot of oil… so we are exploring the concept of realising strategic security through an exchange in these commodities,” he added.

Pradhan also said that the “concept” was being explored currently, and it was still early to speak of a timeline in the matter.

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