News Release Details
Deora to take up issuance of oil bonds with FM
Mumbai 06-Jul-2007
The petroleum ministry is expected to discuss with the finance ministry the crucial issue of issuance of oil bonds to off set the under recoveries of the oil marketing companies (OMCs). The petroleum minister Murli Deora is scheduled to meet the finance minister P Chidambaram in this regard on July 13 to expedite the process. Petroleum ministry sources told FE the centre's projections for under-recoveries for the financial year 2007-08 is Rs 55,000 crore. The government had issued bonds worth Rs 28,300 crore last year. This year, the petroleum ministry is seeking oil bonds worth Rs 19,000 crore. An additional Rs 19,000 will be made available by the upstream PSUs ONGC and OIL and alsoGAIL. The audited under-recoveries on the sale of sensitive petroleum products stood at Rs 49,386.5 crore for 2006-07. Of this, the government extended support in the form of oil bonds worth Rs 24,121 crore and the upstream oil companies (ONGC, OIL and GAIL) contributed Rs 20,507 crore. The Centre has now formally established Petroleum & Natural Gas Regulatory Board (PNGRB) with the issuance of a notification bythe ministry of petroleum & natural gas under section 3(1) of the Petroleum & Natural Gas Regulatory Board Act, 2006. L Mansingh, former consumer affairs secretary has taken over as the first chairperson of the Board. LK Singhvi, BS Negi and Sudha Mahalingam have joined as members of the Board.The government has also approved the appointment of YPC Dangay as member (Legal) of the Board. The PNGRB will regulate the downstream activities in the Petroleum & Natural Gas sector such as refining, processing, storage, transportation, distribution, marketing and sale of petroleum, petroleum products and natural gas, so as to protect the interests of consumers and entities engaged in specified activities relating to petroleum, petroleum products and natural gas and to ensure uninterrupted and adequate supply of petroleum, petroleum products and natural gas in all parts of the country and to promote competitive markets.
Mumbai 06-Jul-2007
The petroleum ministry is expected to discuss with the finance ministry the crucial issue of issuance of oil bonds to off set the under recoveries of the oil marketing companies (OMCs). The petroleum minister Murli Deora is scheduled to meet the finance minister P Chidambaram in this regard on July 13 to expedite the process. Petroleum ministry sources told FE the centre's projections for under-recoveries for the financial year 2007-08 is Rs 55,000 crore. The government had issued bonds worth Rs 28,300 crore last year. This year, the petroleum ministry is seeking oil bonds worth Rs 19,000 crore. An additional Rs 19,000 will be made available by the upstream PSUs ONGC and OIL and alsoGAIL. The audited under-recoveries on the sale of sensitive petroleum products stood at Rs 49,386.5 crore for 2006-07. Of this, the government extended support in the form of oil bonds worth Rs 24,121 crore and the upstream oil companies (ONGC, OIL and GAIL) contributed Rs 20,507 crore. The Centre has now formally established Petroleum & Natural Gas Regulatory Board (PNGRB) with the issuance of a notification bythe ministry of petroleum & natural gas under section 3(1) of the Petroleum & Natural Gas Regulatory Board Act, 2006. L Mansingh, former consumer affairs secretary has taken over as the first chairperson of the Board. LK Singhvi, BS Negi and Sudha Mahalingam have joined as members of the Board.The government has also approved the appointment of YPC Dangay as member (Legal) of the Board. The PNGRB will regulate the downstream activities in the Petroleum & Natural Gas sector such as refining, processing, storage, transportation, distribution, marketing and sale of petroleum, petroleum products and natural gas, so as to protect the interests of consumers and entities engaged in specified activities relating to petroleum, petroleum products and natural gas and to ensure uninterrupted and adequate supply of petroleum, petroleum products and natural gas in all parts of the country and to promote competitive markets.