Veerappa Moily retracts statement on threat from import lobby

Petroleum Minister M Veerappa Moily on Saturday denied he had said that he faced a threat personally from oil import lobbies.

"I did not say that. My statement has been confused by media," he told reporters on the margins of a function here.

Speaking in Kannada, Moily said what he had stated was there was "fear or anxiety" over undertaking large-scale oil exploration as there was "obstruction" to it.

He said India was spending between Rs.7 lakh crore to Rs.8 lakh crore annually to import oil and if this continues, economy would be severely hit.

On Friday, Moily had told reporters in New Delhi that "every minister who is occupying this (petroleum) position is threatened. There is bureaucratic delay and obstruction and also other lobbies that don't want us to stop imports".