PETRONET LNG AND PROMOTERS SIGN AGREEMENTS WITH RASGAS
OF QATAR
FIRST INDIAN LNG PROJECT TO
OPEN NEW LEADS FOR ECONOMIC
DEVELOPMENT
Ram Naik, Minister of Petroleum
& Natural Gas, has said that the era of gas
shortages would soon witness the commencement of significant
reduction. At
present the availability of gas is only to the extent
of about half of the allocation of
gas made to users. Speaking at the signing of seven
documents/agreements
including finalisation of gas pricing mechanism, Naik
described the event as
historic which would lead to a new era of industrial
development when the Gas starts
arriving in January 2004. With another LNG project by
Shell (2.5 Million Tonne), the
largest discovery of gas in 2002 off Andhra Coast, ONGC's
discovery in Vasai East
and by Niko near Surat, a prospect of significant augmentation
of gas supply in the
country is within sight. This finds a parallel in oil
sector where LPG connections have
been made available on demand against the earlier experience
of a waiting period of
3-4 years.
Ram Naik described the signing of
the documents/agreements as the ones
paving way for new leads for economic development in
India as the Dahej LNG import
terminal is nearing completion by December 2003. The
5 million tonne gas equivalent
to 20 million metric standard cubic metres (MMSCMD)
will be supplied to users
along HBJ gas pipeline through a parallel pipeline scheduled
for commissioning by
GAIL in April 2004. Another pipeline is being laid from
Dahej to Uran near Mumbai at
a cost of Rs. 1,400 crore and would be completed by
December 2004. This project
would provide gas cheaper than Naphtha, fuel oil, diesel
etc. This also offers
opportunity for development of CNG Project in the cities
of Ahmedabad, Baroda,
Mumbai and Pune which have high vehicular population.
He called upon PLL and its promoters
to remain competitive and reflect the same
efficiency as in implementing the project within time
and cost. Ram Naik
pointed out that Petronet LNG has taken a good lead
over another LNG project being
implemented by Shell at Hazira which would be completed
by December 2004.
Naik emphasised that the PSUs can perform on equal level,
if not better, than the
others in the field with right attitude and motivation.
Naik said that it is a matter
of satisfaction that the process of procuring LNG through
tenders adopted by India
were also followed by China and Taiwan.
In all, seven Documents/Agreements
were signed today between RasGas of Qatar,
Petronet LNG Limited and its promoters Oil and Natural
Gas Corporation (ONGC),
Indian Oil Corporation (IOC), Bharat Petroleum Corporation
Limited (BPCL) and Gail
(India) Limited (GAIL). These include GSPA and Side
Letters, Deeds of
Hypothecation, Direct Agreements, Inter-participant
Letter, Fuel Payment Trust and
Retention Agreement, Inter Trustee Agreement and Consent
for SPA Assignment.
Petroleum Secretary B.K. Chaturvedi
explained the complex issues involved in
arriving at various agreements and in implementation
of projects. Dr. Ibrahim, Vice
President RasGas complemented the various companies
and personnel from India
and Qatar in making this project a success which he
described as the first LNG
Project in a developing country.
Raveena Tandon Chairperson of the Children Film Society of India.
Renowned actress Raveena Tandon has been appointed
Chairperson of the Children
Film Society of India. Mr. Duggupati Suresh has been
nominated Vice-Chairperson.
Smt. Radhika, Smt. Soundarya, Shri Devendra Khandelwal,
Shri Shabd Kumar and
noted cartoon filmmaker Shri Ram Mohan are non-official
members with knowledge
of films.
In respect of eminent persons in
fields like education, art, child psychology and child
welfare, the members nominated are, Smt. Vandana Narayan
(social worker), Smt.
Anuradha Mahindra (social worker), Smt. Shallu Jindal
(social worker), Smt. Renuka
Mishra (social worker), Shri Amod Kanth (engaged in
child psychology) and Smt.
Veena Deo (social worker).