The Hindu Business Line : Rising oil prices have immense revenue implications: Aiyar

THE rising oil prices have immense implications for the Government with the net import bill rising by 32.1 per cent in 2004-05 over the previous year. The net import bill for 2004-05 stood at Rs 91,486 crore, the Petroleum Minister, Mr Mani Shankar Aiyar, informed the Rajya Sabha on Tuesday.

Mr Aiyar said that around Rs 58.16 crore has been spent on sponsored research and development project activities of the Ministry of Non-Convention Energy Sources, Petroleum Conservation Research Association of the Ministry and Indian Oil Corporation R&D.

These projects include research and development in the field of wind, solar, small hydro, biomass, ethanol blending in petrol, bio-diesel and hydrogen.

Independent directors: The Department of Public Enterprises (DPE) has recommended names of 23 experts including former secretaries, retired chairmen and IIM professors for appointment as independent directors on the board of public sector oil companies, the Minister informed the Rajya Sabha.

Mr Aiyar said that his Ministry has not rejected the names recommended by the DPE and it does not plan to fill in the places with politicians. The DPE has suggested names of the TERI Director-General, Mr R.K. Pachauri, former GAIL (India) CMD, Mr Vineet Nayyar, former IFCI Chairman, Mr V.P. Singh, the IIM-Ahmedabad Director, Mr Bakul Dholakia, and the ICRA Managing Director, Mr P.K. Choudury for ONGC.

For ONGC Videsh Ltd, names include former Finance Secretary, Mr P.G. Mankad, and former Managing Partner of consulting firm Mckinsey & Co, Mr Rajat Gupta.

The other names include, IIM-Ahmedabad's Ms Indira Parekh for Indian Oil Corporation, Prof Venkateshwara for BPCL, the IIM-Bangalore Director, Mr Prakash Apte, for HPCL and the IIM Calcutta Director, Mr Shekhar Chaudhuri, for Numaligarh Refinery Ltd.

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