Centre may divest 10% stake in Oil India later this year

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Proposal being prepared in consultation with other ministries

THE PETROLEUM Minister, Mr Murli Deora (right), and the Petroleum Secretary, Mr M S Srinivasan. (File photo)
THE PETROLEUM Minister, Mr Murli Deora (right), and the Petroleum Secretary, Mr M S Srinivasan. (File photo)

Our Bureau

Other plans

India and

Pakistan officials may meet on June 27 to sort out differences in pipeline project.

The country

is likely to sign an agreement with Algerian co for import of LNG.

New DelhiJune 20The proposed 10 per cent disinvestment in Oil India Ltd (OIL) is likely to take place later this year with the Petroleum Ministry planning to move a Cabinet note on this next month. Speaking to newspersons here on Wednesday, the Petroleum Secretary, Mr M.S. Srinivasan said, "The Cabinet note is almost ready. We hope to move it in another month."

The Ministry is preparing a proposal in consultation with other Ministries, including the Finance Ministry. The Government is mulling 10 per cent divestment in Oil India, along with its initial public offering later this year. The Government currently holds 98.13 per cent in the state-owned exploration firm.

Iran Pipeline

When asked about the status on the Iran-Pakistan-India pipeline project, the Petroleum Secretary said, "On June 27, there is a bilateral meeting and on June 28 and 29 there are trilateral meetings in New Delhi." India and Pakistan officials are expected to meet on June 27 to sort out differences on transportation tariff and transit fee payable by New Delhi to Islamabad, followed by an official-level meeting between the three countries on June 28-29.

Subsequently, a ministerial-level meeting is expected later in July in Tehran, when the three countries could ink a Framework Agreement on the tri-nation project.

The Petroleum Minister, Mr Murli Deora said, an agreement on the proposed pipeline that will bring natural gas from Iran via Pakistan by the middle of next month is expected.

LNG sourcing

India is likely to sign a long-term agreement with Algeria's state-run Sonatrach for the import of 1.25 million tonnes per annum of liquefied natural gas.

"We are trying for a 25-year-contract, and supplies are likely to begin from December 2009," the Petroleum Secretary said.

He said Petronet LNG Ltd would source the LNG. He, however, did not specify whether the LNG would be used at the Dabhol power plant in Maharashtra.

(This article was published in the Business Line print edition dated June 21, 2007)
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