Oil cos to invest Rs 12,000 cr for gas

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: Public and private sector firms will invest over Rs 12,000 crore in producing natural gas found in the Krishna Godavari basin, off the East Coast, petroleum minister Mani Shankar Aiyar said on Thursday.

State-owned Oil and Natural Gas Corporation will invest Rs 1,262.93 crore in developing G1 and GS-15 fields in the basin. “Completion is scheduled for April 2006,” he told Lok Sabha.

Mr Aiyar said Reliance Industries Ltd had submitted a development plan for two discoveries, Dhirubhai-1 and 3, with an investment of $2.47 billion. “The development proposal plan has also been approved by the directorate general of hydrocarbons.”

“Gas production by RIL is likely to start from August 2008,” he said.

Out of 14 discoveries made by private firms in KG basin, two have been approved and declared to be commercial. The remaining are under appraisal.

LNG import from Iran

India is negotiating the import of 5 million tonne of liquified natural gas (LNG) from Iran to be supplied through cryogenic ships.

“A team of officials is already in Iran negotiating the deal,” Mr Aiyar said, adding he would be visiting Tehran next month to clinch the deal.

He said discussions were on for constructing an oil pipeline from iran to India via Pakistan.

The minister said the oil industry had taken “very severe hits” by freezing prices of petrol and diesel since November last year and that of kerosene since April last.

Since 70% of India’s crude requirement was imported, and this could rise to 85% in future, “we cannot remain insulated from the global price rise,” he said.

LNG from Qatar

Mr Aiyar said Qatar had in-principle agreed to increase LNG export to India to 20 million tonne over the next 20 years. India currently buys 5 mt per annum of LNG from Qatar and has a contract for an additional 2.5 mt.

Over 300 pvt FM channels

More than 300 private FM radio channels at 90 locations across the country are envisaged to be set up in phase II of private FM radio broadcasting, information & broadcasting minister S Jaipal Reddy said.

Prasar Bharati

Prasar Bharati has floated a tender for the worldwide distribution of 13 TV and 12 radio channels and it is now processing the offers received against its tender.

No foreign airline stake

The government has rejected a recommendation for a review of the present policy of not allowing foreign airlines to pick stake in domestic carriers.