NEW DELHI: Up to now, freebies have been restricted to groceries and customer goods. But a recent government request for flagship explorer ONGC to promote a golf course in one of its fields in Gujarat should result in a similar situation—but one in which the kingdom-run company may additionally turn out to be giving away producing oil wells.
The Department of Funding and Public Asset Management (DIPAM) wishes ONGC to sell golf courses in Ahmedabad and Vadodara. Bharat Petroleum Corporation’s sports activities membership is in Chembur, Mumbai. This is part of the government’s approach to spur investment within us by forcing public quarter entities to monetize non-center property and pump the finances into creating new infrastructure. But the listing of non-core property does not include ONGC’s teeing greens at Ankleshwar in Gujarat and Rajahmundry in Andhra Pradesh, and Oil India’s direction in Jorhat these appear to have low actual property ability, unlike Ahmedabad and Vadodara vegetables.
In ONGC’s case, DIPAM seems to have omitted the truth that the Motera subject in Ahmedabad has four wells, the least of which might be producing oil. Besides, Motera is also among a bouquet of 64 small fields ONGC is supplying to personal gamers to function to concentrate on large belongings. The discipline lies in a block certified to ONGC below the nomination coverage before the authorities auctioned acreages in 1999. This has put ONGC in a dilemma as present policies governing nomination blocks do not allow the licensee to sell or transfer land possession. Therefore, ONGC will remain the licensee and hold possession even after inducing a personal accomplice to function in the sector. But if the golf direction land is bought for development, the client gets ownership of the wells.
The Motera golf course lay in the corner of the block and was built to prevent encroachment as the metropolis elevated. Shrinking buffer regions due to encroachment and increasing metropolis limits is common trouble around oil installations. This became one reason contributing to the high toll all through a 2009 hearth on the IndianOil depot near Jaipur.
Washington: Billionaire businessman Anil Agarwal-led Vedanta institution’s Sterlite Technologies has roped in a lobbyist inside the US to advocate its cause among the American lawmakers on trade-associated issues, particularly on the software of America Generalized System of Preferences to certain merchandise from India.
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DCM11 BIZ-ONGC-SELL
Govt desires ONGC to promote a golf path in Ahmedabad that has oil wells
New Delhi: The authorities desire Oil and Natural Gas Corp (ONGC) to sell its golf courses in Ahmedabad and Vadodara in Gujarat, sending the agency right into a tizzy as one in everyone has to produce oil wells, sources stated.
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