Financial Daily from THE HINDU group of publications
Tuesday, Nov 26, 2002
Financial Daily from THE HINDU group of publications Tuesday, Nov 26, 2002 |
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Policy Government - Policy Industry & Economy - Petroleum Agri-Biz & Commodities - Sugar ONGC, Reliance bag most oil blocks; sugar buffer okayed Our Bureau
NEW DELHI, Nov. 25 OIL and Natural Gas Corporation (ONGC) and Reliance Industries Ltd (RIL) have bagged 22 out of the 23 oil and gas blocks for which bids were received under the third round of the Government's New Exploration Licensing Policy. The Cabinet Committee on Economic Affairs (CCEA), which met here today, approved award of 13 blocks to ONGC, while Reliance, in consortium with Hardy Exploration and Production (India) Inc, bagged nine blocks. One block — in Krishna-Goadvari offshore — was awarded to Gujarat State Petroleum Corporation in consortium with Geo-Global Resources (India) Inc and Jubiliant Enpro Ltd. The Government had received 45 bids for the 23 blocks, including 8 onland, 6 shallow-water and 9 deep-water. Reliance bagged two shallow and seven deep-water blocks, while ONGC was awarded, on its own, five onshore, three shallow water and one deepwater blocks. ONGC also bagged one on-shore block along with Indian Oil Corporation and two on-shore and one shallow-water blocks in consortium with Oil India Ltd. The CCEA also approved the creation of 20 lakh tonne sugar buffer for one year to be sequestered on Government account. The decision will cost the exchequer Rs 412 crore, official sources said, adding that the industry would also be able to obtain an additional credit line of Rs 370 crore on account of the move. The creation of the buffer would mean that it would be the exchequer, rather than the sugar mills, that would bear the carrying cost of maintaining the sequestered quantities. The CCEA also approved the proposal of a transmission system associated with National Thermal Power Corporation's (NTPC) Rihand-II project at an estimated cost of Rs 1,044.44 crore.
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