Mrs.
Patricia Hewitt, Secretary of State for Trade and Industry, U.K.,
currently on a visit to India, met Shri Ram Naik, Minister of
Petroleum & Natural Gas, here today. Speaking to the visiting
Minister and her delegation representing British Trade, Industry,
Financial Institutions, etc., Shri Ram Naik informed about the
momentous changes and reforms which have been under way in the
Hydrocarbon sector in the last few years. He briefly mentioned
about the successful implementation of investor-friendly New Exploration
Licensing Policy (NELP) under which three rounds of competitive
global bidding have been held for oil and gas exploration blocks.
NELP-I and II have already recorded success with significant discovery
of gas. As many as 70 Blocks have been awarded in the last 3 years
with NELP-IV round the corner in near future. Under the policy,
the companies have freedom to market their oil and gas in India.
Shri Naik further
informed that Administrative Pricing Mechanism (APM) has been
dismantled w.e.f. 1.4.2002, paving way for full de-regulation
of oil sector and marketing of transportation fuels has been open
for those companies who have invested $ 400 odd billions in identified
areas of hydrocarbon sector. Government has notified a policy
to promote laying of petroleum product pipelines on Common Carrier
Principle. A Bill has been introduced in the Parliament for setting
up a Regulator in the deregulated environment for promoting healthy
competition and protection of consumer interests.
The visiting British
Minister welcomed these developments in the Indian Hydrocarbon
sector which would go a long way in its healthy growth. She hoped
further consolidation of co-operation between India and U.K. in
Hydrocarbon sector in particular and the trade and industry in
general.
