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Petroleum Ministry sets up review panel

By Our Special Correspondent

NEW DELHI May 25. The Petroleum and Natural Gas Ministry has set up a high-level steering committee to regularly review the progress of the implementation of various points of action finalised and agreed upon during the visit of the Minister, Ram Naik, to Iran in January.

The panel is headed by the Secretary of the Ministry and comprises representatives of the Department of Economic Affairs and the External Afffairs Ministry, besides the heads of ONGC, OIL, IOCL, and GAIL. It would review the progress every month.

The action points that have been agreed upon include import of five million tonnes of LNG from Iran and acquisition of interests in discovered as well as semi-discovery oil and gas fields in that country by Indian public sector companies.

At the first meeting of the joint working group on hydrocarbon which was held in Teheran earlier this month as a follow-up to an agreement signed during Mr. Naik's visit, the two countries decided that the possibility of LNG import and acquisition of interests in oil and gas fields would be firmed up within six months, gas sale and purchase agreement (GSPA) would be signed within the next nine months and the whole project completed within four years of signing the GSPA.

The two countries also agreed to extend technical consultancy service by GAIL in the development of a network for the supply of the CNG for vehicles in Teheran and to work towards identifying specific projects for Indian participation in petrochemical industry of Iran and in upgrading its refineries.

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