By Our Correspondent
BHUBANESWAR/ NEW DELHI: The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has approved additional investment of US$ 121.27 million (about Rs.909 crore) by ONGC Videsh Ltd (OVL) towards further development of blocks A-1 and A-3 Blocks of Shwe oil & gas project in Myanmar.
ONGC Videsh Ltd. (OVL) has been associated with exploration and development of Shwe project in Myanmar since 2002, as part of consortium of companies from South Korea, India and Myanmar. The Indian PSU, GAIL, is also an investor in this project. OVL has invested US$ 722 million till 31st March 2019 in this project.
The first gas from the Shwe Project was received in July 2013 and plateau production was reached in December 2014. The Project has been generating positive cash flows since FY 2014-15.The participation of Indian PSUs in oil & gas exploration and development projects in neighbouring countries is aligned with India’s Act East Policy, and also part of India’s efforts to develop Energy Bridges with its immediate neighbors.
“Welcome the progressive and futuristic decisions taken by Hon. PM Shri Narendra Modi in today’s #CCEA meeting. Decisions taken today will enhance India’s footprint on the global hydrocarbon map, energise the dairy and farm sector and generate job opportunities in several others,” Union PNG-Steel Minister Dharmendra Pradhan said.
“Thank Hon. PM Shri Narendra Modi for approving additional investment by ONGC Videsh Limited for the development of producing blocks A-1 and A-3 in Myanmar. This will be a step towards boosting availability of natural gas in India and enhancing our energy security.
Creation of Indian National Space Promotion and Authorization Centre(IN-SPACe) will provide a level playing field for private sector participation, encourage investments and unlock India’s immense potential in the space sector,” he twitted.
“Approval for establishment of Animal Husbandary Infrastructure Development Fund with ₹15,000 crore will support private investment in dairy processsing, encourage agri-preneurs, create opportunities for value addition in dairy and farm sector and make our farmers self-reliant.
Approval for granting interest subvention of 2% to Shishu loan category borrowers under the flagship Pradhan Mantri Mudra Yojana (#PMMY), outstanding as on 31st March, 2020, for a period of 12 months to eligible borrowers, will further provide relief to micro business owners.
The decision to bring urban co-operative banks and multi-state co-operative banks under the supervisory powers of the @RBI will assure more than 8.6 crore depositors in these banks that their money remains safe.I thank PM Shri Narendra Modi and the #CCEA for these decisions. They will have a positive impact on a wide range of sectors, including dairy, animal husbandry, farming, MSMEs & space and will benefit a large cross section of people,” Pradhan added.
