Financial Daily from THE HINDU group of publications
Tuesday, Sep 17, 2002
Financial Daily from THE HINDU group of publications Tuesday, Sep 17, 2002 |
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Industry & Economy
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Fertilisers Secys to discuss urea pricing policy issue on Thursday Our Bureau
NEW DELHI, Sept. 16 THE Group of Ministers (GoM), set up to formulate a long-term policy for pricing of urea, today decided to refer the issue of working out arrangements for ensuring satisfactory availability of feedstock to urea units to a Group of Secretaries (GoS). The GoS, drawn from the Ministries of Petroleum and Natural Gas, Fertilisers, Finance and the Planning Commission, will take up the matter on September 19. "They will primarily deliberate on the pricing and availability of liquefied natural gas (LNG), which will be a crucial factor in determining the industry's future. Once this is sorted out, the GoM can recommend an appropriate pricing policy for urea'', officials said. The officials said the feedstock issue assumed importance, particularly in the context of naphtha and fuel oil-based plants being rendered uncompetitive in a post-decontrol scenario. The survival of these plants will, therefore, hinge on the availability of adequate quantity of LNG at affordable rates. In its meeting today, the GoM is understood to have taken note of the `mindboggling' investments required for setting up infrastructure for import of LNG and its re-gassification. Moreover, the first LNG terminal in the country is slated to be commissioned in Dahej only in December 2003. "The GoM is keen to get a clear picture on what exactly would be the situation regarding future availability of LNG. The meeting of the GoS will hopefully throw light on this issue'', the officials said, adding that no date for the next meeting of the GoM had been fixed as of now. This, in turn, further queers the pitch for the proposed disinvestment in fertiliser PSUs such as National Fertiliser Ltd, Madras Fertiliser Ltd and Rashtriya Chemicals and Fertilisers Ltd.
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