Ujjwala RGGLV Yojana under PNG Ministry scanner

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By Our National Affairs Bureau

NEW DELHI: Ujjwala RGGLV Yojana under PNG Ministry scanner.It   has been brought to the notice of the Ministry of Petroleum and Natural Gas that an entity with the name `Ujjwala RGGLV Yojana’ has issued an advertisement (sample copy enclosed) in a newspaper, allegedly claiming its appointment for LPG distributorship under Rajiv Gandhi Gramin LPG Yojana.

It is clarified that this entity is not authorized by the Ministry to appoint LPG distributorship, and has no role in PM Ujjwala Yojana either.General public is cautioned not to respond to the advertisement or any other communication from this Entity in any manner.

Meanwhile, the Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi has approved the proposal of Department of Heavy Industry for providing financial assistance amounting to Rs. 111.59 crore as Non-Plan loan to Bharat Pumps and Compressors Limited, Allahabad.

The CCEA also accorded “in principle” approval for strategic disinvestment of the company. The statutory dues such as provident fund and gratuity of retired employees will be discharged and the outstanding dues of CISF will be cleared. It will motivate the employees and improve the performance of the Company. This will put an end to further legal complications and penal action against the Company.

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister  Narendra Modi, has also given its approval to an Indian Consortium comprising Oil India Limited (OIL), Indian Oil Corporation Limited (IOCL) and Bharat Petro Resources Limited (BPRL) for acquiring 23.9 percent stake in JSC Vankorneft and 29.9 percent stake in LLC Taas-Yuryakh from M/s Rosneft Oil Company (Rosneft), the National Oil Company (NOC) of Russian Federation (Russia). Rosneft operates Vankor and Tass-Yuryakh fields and are its wholly owned subsidiaries.

The acquisition of stake in Vankorneft will provide 6.56 Million Metric Ton of Oil Equivalent (MMTOE) and 29.9 percent stake in Taas-Yuryakh will provide 0.5 MMTOE initially and 1.5 MMTOE by 2019. The acquisition is in line with India’s stated objective of adding high quality international assets to its Exploration & Production portfolio and thereby augmenting India’s energy security.

The Consortium will be paying US $ 2020.35 million for acquiring stake in Vankorneft and US $ 1242 million for acquiring stake in Taas-Yuryakh. Earlier in May 2016 ONGC Videsh Ltd (OVL) completed the formalities of acquiring15% stake in Vankorneft at the cost of US $ 1.284 billion which gave OVL 4.11 MMTOE.

The acquisition will add 8.06 MMTOE to India’s overseas oil and gas asset. It will also provide an opportunity to Indian public sector Oil and Gas companies to absorb newer technologies with Rosneft and British Petroleum (BP). BP acquired 20% stake in Taas-Yuryakh from Rosneft last year.

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