This Blog helps in disseminating FREE information related to Stock/Share Markets (domestic and overseas), Finance/Investments & Current Affairs. The content of this blog is for information purpose only - not recommendations, to Buy or Sell Securities.
The data used here, is derived from the sources, deemed to be reliable, but their accuracy and completeness is not guaranteed. The author is not responsible for any loss in investments made, based on the inputs provided here - 28th May, 2006.
If you are into IT/Software Sector or say in any sector and can bring overseas contracts (or any domestic business related to the software sector), with a stress on Digital Marketing/Content Writing/Website Development/Reputation Management/SEO/SMM, etc, then you can join me as a partner or associate.
We will give you, the business development portfolio and pay you handsome amounts for your efforts. It does not matter, in which part of the world you are, as long as you can bring businesses. If you are interested, please send me at mail at: firstname.lastname@example.org.
Thursday, January 31, 2013
First CCI meet directs oil, defence ministries to settle differences in one month Issues stern warning on 39 stalled exploration blocks Sanjeeb Mukherjee
The much-awaited first meeting of the Cabinet Committee on Investment ( CCI) that was expected to push $15 billion investment in oil exploration today ended with directive to the oil and defence ministries to sort out their differences in a month’s time on the stalled 39 oil exploration blocks.
Headed by Prime Minister Manmohan Singh, the committee has been vested with overarching powers to clear investment bottlenecks but contrary to expectations it could not settle the matter of cancellations of defence clearances but issued a stern warning to settle issues-related to the 39 stalled blocks.
"The oil and gas sector specifically from investment remit was discussed extensively. Certain problems were identified and the Ministry of Petroleum and Natural Gas has been tasked with responsibility of sitting down with the Ministry of Defence and resolving some of the problems which are there with regard to 39 blocks," I&B Minister Manish Tewari told reporters after the meeting.
An official statement said the CCI has directed that both the Defence Ministry and the Petroleum Ministry discuss the issue (on oil exploration blocks) in detail and formulate solutions within one month to resolve the issue.
Officials said the CCI would now take up the stalled power projects at its next meeting. With the aim of boosting investment climate in the country, the government earlier this month had set up CCI for fast-tracking clearances for projects costing more than Rs 1,000 crore.
The ministry of Petroleum had sought a directive from CCI to waive off stringent conditions attached to Defence ministry clearances for 32 blocks. Contractors had expressed their inability to comply with these clearances. For another 14 Blocks, the ministry of defence had labeled the areas as ‘No-Go’ for exploration activities.
Besides, the ministry of commerce had also objected to ONGC block where a special economic zone had been notified in Gujarat.
The Petroleum ministry had earlier managed to get 27 of the total 78 cleared by the defence ministry. Oil companies including state-owned ONGC and private-sector Reliance Industries and Essar had committed exploration programme after clearances by various government agencies, but clearances for 78 blocks was cancelled leading to stoppage of work.
Petroleum Ministry argued that contractors had made an investment $15 billion in these 78 blocks.
The ministry further said that non-clearance of the blocks could lead to contractual disputes and see exodus of foreign investment and loss of credibility for the government.
The CCI has also been mandated to consider and decide on measures that are required to grant or refuse approvals in identified sectors include simplification of rules and procedures followed by respective ministries and departments for decision making.
The committee would look into entire gamut of issues that hold up progress in infrastructure and manufacturing projects and suggests measures to ensure their speedy completion. It is a reformed avatar of the proposed National Investment Board.
Apart from Prime Minister Manmohan Singh, the CCI has 15 cabinet ministers as its members. Environment and Forest Minister Jayanthi Natarajan, Planning Commission deputy chairman Montek Singh Ahluwalia, power minister Jyotiraditya Scindia and information and broadcasting minister Manish Tiwari are special invitees to the CCI.