DGH studying NELP VII response
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10/07/2008
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Hindu (New Delhi)
NEW DELHI: Union Petroleum and Natural Gas Minister Murli Deora on Wednesday said the Indo-U.S. nuclear civil cooperation deal was very much in the interest of the country as rising energy prices of fossil fuel had made it mandatory to tap other sources of energy in order to meet the rising demand for power. Talking to newsmen on the sidelines of the "Total Vinergy Bitumen India Pvt. Ltd.' launch function here, Mr. Deora said India needed the civilian nuclear deal with the U.S. to help ease energy shortages. "After 60 years of independence, we still have shortage of electricity in many parts of the country. I am supportive of the deal as it will give the people the much needed electricity and the nation energy security. We need to ensure that every household gets access to electricity and that is the reason this deal is very important for us,' he added. Mr. Deora said the skyrocketing of international crude oil prices had also made things difficult and therefore it was important that alternative sources of energy, including nuclear, were tapped as they were much cheaper. Asked about the recent controversy regarding imposition of windfall tax on private oil companies, the Petroleum Minister said he would welcome any kind of concrete proposal to develop and further strengthen the oil and gas sector. However, he said any decision on imposing windfall tax on refineries, private or public sector, had to come through the Finance Ministry and needed Parliamentary approval. Expressing satisfaction over the success of the NELP VII that ended on June 30, Mr. Deora said a number of new foreign companies had shown interest in the bids and the entire process would be completed by the end of next month. "The Directorate General of Hydrocarbons (DGH), V. K. Sibbal, was looking into the outcome of NELP VII and also into the 12 oil blocks that did not get any response from the bidders. He would come out with a report on this issue soon,' the Minister said.