New Delhi: New oil minister Veerappa Moily has promised to speed decision making in an effort to attract foreign investment, and will push domestic oil companies to aggressively bid for foreign oil and gas assets to meet growing energy demand. Moily was appointed as the country's new Petroleum and Natural Gas Minister, replacing Jaipal Reddy, as part of a broader cabinet reshuffle unveiled on Sunday.
Moily said his ministry would create a roadmap to help the energy-starved nation improve its investment climate and increase oil and gas output and build downstream infrastructure, such as liquefied natural gas terminals and pipeline networks. "We have to keep our doors and windows open for whosoever wants to invest here," Moily told reporters on Monday. "We have to create a level of confidence among investors. The emphasis will be on quick decisions as delayed decisions cost the nation."
Shares in Reliance Industries rose nearly 2 per cent on hopes the appointment of a new oil minister would improve what has been seen as a contentious relationship between the energy conglomerate and the government. Reliance, controlled by billionaire Mukesh Ambani, Asia's second-richest man, had clashed with the oil ministry under Reddy over gas output at the conglomerate's KG-D6 block on Andhra coast.
Reliance and partner BP Plc have blamed a decline in pressure and water ingress for falling production, and sought an increase in gas prices to justify higher expenditure to develop the block, but the government has so far remained unconvinced.
03:50 PM, Oct 29, 2012
Amritsar: With rupee depreciation leading to jump in oil import bill, Petroleum Minister S Jaipal Reddy on Tuesday said there is an immediate need to raise fuel prices, but refused to say when the hike will actually take place. "It (price increase) is very essential but (before hiking rates) we have to talk to political parties," he told reporters here on way to Ashgabat for signing of the agreement for...
05:50 PM, May 22, 2012