FOUR COMPANIES SEEK MARKETING RIGHTS FOR TRANSPORT FUELS
Shri Ram Naik, Minister of Petroleum & Natural
Gas, announced here today that four oil companies have applied
for authorisation to retail transportation fuels such as petrol
and diesel in India. These companies include Oil and Natural Gas
Corporation (ONGC), Numaligarh Refinery Limited (NRL), Reliance
Petroleum Limited (RPL) and Essar Oil Limited (EOL). While inaugurating
GASTECH 2002 Shri Naik said that the decision on these, is likely
to be taken by the end of May 2002. It may be recalled that the
retail trading of transportation fuels was thrown open to all
those companies (both from Private or Public Sectors) who fulfills
investment requirements in exploration and production, refineries
and setting up infrastructure like pipeline on common use principles.
Enumerating various steps taken by the Government
towards de-regulation of oil sector, the Minister informed that
the Petroleum Regulatory Board Bill will be introduced in Parliament
in the coming week for setting up an independent and statutory
Regulatory Body. This Body would protect the interests of consumers,
on the one hand, and would promote fair competition through level-playing
field amongst the various oil companies, on the other. Till the
time Parliament passes the Regulatory Board Bill, Government would
carry out the functions of the Regulator.
Describing the GASTECH 2002 as a timely event
when a new era has just begun after dismantling of Administered
Pricing Mechanism (APM) w.e.f. 1st April, 2002, Shri
Naik emphasised the growing importance of natural gas to the economy
as a whole. The 21st century will be the century of
gas, as natural gas is emerging as the preferred fuel of the future
due to its being an environment-friendly, economically attractive
and also a desired feedstock. India which has a large demand supply
gap of natural gas is making efforts to enhance domestic production
by involving both public and private sector companies. Efforts
are also on to acquire equity in oil and gas fields abroad, import
gas through pipelines from sources to the East and West of the
country and bring in gas in the form of liquefied natural gas
(LNG). Steps have been taken to exploit the alternative sources
of gas like coal bed methane (CBM).
