India Reports on Investment by British Petroleum
To get marketing rights for transportation fuels, namely, Motor Spirit (MS), High Speed Diesel (HSD) and Aviation Turbine Fuel (ATF) applicant must meet the requirements as per Clause 3 of Marketing Resolution dated 8th March, 2002. The requirements interalia, include investment or proposed investment of Rs. 2000 crore in exploration or production, refining, pipelines or terminals leading to additionality to the existing assets and /or creation of new assets in the eligible activities.
With reference to this application dated 11th June, 2014, Directorate General of Hydrocarbons has reported that British Petroleum (BP) share of expenditure was US\\$508 million between financial year 2011-12 and financial year 2013-14 of which the capital expenditure (Capex) component and operational expenditure (Opex) component is US\\$171 million and US\\$337 million respectively. This did not meet the joint requirements of the Clause 3(I) and 3(IV) of the Marketing Resolution dated 8th March, 2002, and thus the application dated 11.6.2014 was rejected.
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