Energy policy shift on cards

A major shift in the energy policy is in the offing. This would involve a cut in the huge expenditure being incurred on crude oil exploration and greater emphasis on coal and power. So far as crude oil is concerned, the effort would be to maximise production from proven fields. The Planning Commission has asked the Petroleum Ministry, the Oil and Natural Gas Corporation and Oil India Ltd to review the expenditure being incurred by them in crude oil exploration. The review is expected to be completed in a month’s time. For nearly two decades the expenditure on oil exploration has been treated as a “holy cow” since striking “black gold” is supposed to be a gamble and the demand for oil outstrips domestic production.

SBI branches in Moscow, Johannesburg likely

With the opening up of South Africa for trade, the State Bank of India is likely to open a branch at Johannesburg, while another at Moscow is under consideration, according to Dr. N. K. Sinha, managing director of SBI. The bank is also reviewing the operations of its 49 overseas branches and may close the unprofitable ones.

Russia may auction 50 p.c. of debt

Russia may put up for sale as much as 50 per cent of India’s annual repayment of its debt to the former Soviet Union, according to Russia’s Minister for Foreign Economic Relations, Mr. Davydov. The Russian Finance Ministry and the Ministry for Foreign Economic Relations had jointly proposed putting up 50 per cent of the nearly $1 billion instalment up for auction, Mr. Davydov was quoted as saying in Saturday’s Izvestia newspaper. Mr. Davydov’s statement comes on the day of the Prime Minister, Mr. P. V. Narasimha Rao’s departure from Moscow after an official visit during which New Delhi failed to convince Moscow to abandon auction plans.

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