**Summary:**
This notification, dated March 9, 2024, issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, amends the export policy condition for Crude Oil under HS Code 2709 00 10. The amendment, enacted under the Foreign Trade (Development and Regulation) Act, 1992 and the Foreign Trade Policy, 2023, revises the State Trading Enterprise (STE) condition. Previously, export of Petroleum Crude (ITC HS code 27090010) was permitted only through Indian Oil Corporation Limited. The revised policy exempts AMI ADNOC Marketing International India RSC Limited India from the STE condition, allowing them to re-export crude oil from their Commercial Stockpile at Mangalore SPR at their own cost. The effect of this notification is to permit AMI ADNOC Marketing International India RSC Limited India to re-export crude oil from their Mangalore SPR stockpile without being subject to the STE condition. For further information, contact Santosh Kumar Sarangi, Director General of Foreign Trade & Ex-Officio Additional Secretary, Government of India, at dgft@nic.in. This notification is issued from F.No. 01/91/180/21/AM18/EC/Vol-II/e-File 18994.
Key Entities Referenced
Directorate General of Foreign Trade: A department under the Ministry of Commerce and Industry, Government of India, responsible for implementing foreign trade policy.
Foreign Trade Development Regulation Act, 1992: An act of the Parliament of India to provide for the development and regulation of foreign trade.
Foreign Trade Policy, 2023: The policy document outlining the guidelines and objectives for India's foreign trade.
Petroleum Crude: Refers to unrefined crude oil, specifically concerning its export policy under ITC HS code 27090010.
Indian Oil Corporation Limited: A government-owned oil and gas corporation involved in the export of crude oil.
Mangalore SPR, Karnataka: Strategic Petroleum Reserve located in Mangalore, Karnataka, used for storing crude oil.
AMI ADNOC Marketing International India RSC Limited India: A company exempted from State Trading Enterprise (STE) conditions, allowing them to re-export crude oil from their commercial stockpile at Mangalore SPR.
Santosh Kumar Sarangi: Director General of Foreign Trade and Ex-Officio Additional Secretary, Government of India.
[To be Published in the Gazette of India Extraordinary Part-II, Section - 3, Sub-Section (ii)]
Government of India
Ministry of Commerce & Industry
Department of Commerce
Directorate General of Foreign Trade
Vanijya Bhawan, New Delhi
Notification No. 8 0/2023
New Delhi, Dated: 92 March, 2024
Subject: - Amendment of policy condition of Crude Oil under HS Code 2709 00 10 -reg.
S.O. (E): The Central Government, in exercise of powers conferred by Section 3 read with
section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992), as
amended, read with Para 1.02 and 2.01 of the Foreign Trade Policy, 2023, hereby amends
policy condition of Petroleum Crude (ITC HS code 27090010) of ITC HS Export Policy,
2023, as under :-
Tariff Item Item Export | Policy Condition [Revised Policy Conditions
HS code | Description | Policy
2709 00 10|PETROLEUM | STE _ {Export through] Export through Indian Oil
CRUDE Indian OillCorporation Limited.
Corporation However, AMI (ADNOC
Limited. Marketing International (India)
RSC Limited India) is exempted
from STE conditions and is
allowed to re-export crude oil
from their Commercial Stockpile
lat Mangalore SPR, at their own
cost.
Effect of this Notification:
STE conditions for export of Petroleum Crude (ITC HS code 27090010) for AMI (ADNOC
Marketing International (India) RSC Limited India) is exempted and is allowed to re-export
crude oil, from their Commercial Stockpile at Mangalore SPR, at their own cost.
ne ae a
(Santosh Kumar Sarangi)
Director General of Foreign Trade
Ex-Officio Additional Secretary, Government of India
E-mail: dgft@nic.in
(Issued from F.No. 01/91/180/21/AM18/EC/Vol-II/e-File- 18994)