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Outlook
MRPL losing interest in PMT oil?
Pratim Ranjan Bose
Kolkata
,
Sept. 7
MRPL seems to have suddenly lost its interest in PMT oil.
An ONGC subsidiary, MRPL had expressed interest in lifting the Bonny Light variety of crude produced by PMT on a long-term basis, earlier this year. The move required amendment in the product-sharing contract and nomination of MRPL in place of the existing nominee IOC.
Since MRPL's bid was relatively more beneficial to PMT, the other joint venture partners Reliance and British Gas were apparently in agreement with the proposal. The Union Ministry of Petroleum and Natural Gas had extended its in-principle approval to the proposal.
Accordingly, PMT submitted a detailed proposal before the Ministry on the issue, which was slated to take the necessary steps in consultation with the joint venture partners.
Later developments, however, suggest that none of the joint venture partners especially the operator and beneficiary ONGC had shown any interest in the issue and the proposal. Sources confirm that the proposal is now gathering dust.
Related Stories:
MRPL may firm up proposal to lift crude from PMT in May
ONGC-Reliance PMT venture wants MRPL, instead of IOC, to lift oil
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