Industry & Economy
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Petroleum
OVL allowed to invest up to Rs 300 cr abroad: Aiyar
Our Bureau
New Delhi
,
March 24
THE Petroleum Minister, Mr Mani Shankar Aiyar, said that the Government has allowed ONGC Videsh Ltd (OVL), to make investments of up to Rs 300 crore in oil and gas properties abroad without approaching the Union Cabinet for approval.
"The (OVL) board has been authorised to take decisions on projects involving investment up to $75 million (Rs 300 crore), whichever is less," Mr Aiyar said in a written reply in the Lok Sabha.
Prior to this, the OVL board was empowered to take investment decisions of up to Rs 200 crore or $50 million. The enhancement of OVL's powers shall enable the board to take fast decisions to acquire medium-sized projects and ventures to increase oil and gas production from overseas participation to augment the energy security of the country.
OVL has stakes in oil and gas properties in Vietnam, Sudan, Russia, Myanmar, Libya, Iran, Iraq, Syria, Australia, Egypt, Qatar and Ivory Coast and is pursuing opportunities in Angola and Ecuador among other countries.
GAIL: GAIL (India) Ltd proposes to spend Rs 3,124 crore as plan capital expenditure for 2005-06 towards gas pipeline projects. These projects include the Dahej-Uran pipeline, Jagdishpur-Haldia pipeline, Vijaipur-Kota pipeline, Dadri-Panipat pipeline, and Thulendi-Phulpur pipeline.
GAIL would meet the project expenditure out of its international resources and external borrowings, Mr Aiyar informed the Lok Sabhaon Thursday.
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