MoU on Kakinada LNG project signed

By Our Special Correspondent

HYDERABAD, JAN. 10. The focus of Partnership Summit on the second day on Wednesday was on a series of Memoranda of Understanding (MoUs) signed by the Andhra Pradesh Government with promoters of various projects, including the prestigious LNG (Liquefied Natural Gas) Terminal being set at Kakinada.

The signing of the MOU on the Rs. 19,500-crore Hydrocarbons LNG Terminal was ``a big event'' as the hi-tech video conferencing facility was used for the ceremony.

The satellite linkage between the Union Government and the Indian Oil Corporation (IOC) officials, assembled for the Petro Tech 2001 in Delhi and the officials of the State Government at the venue of the Partnership Summit was established for what was described by the speakers as ``a momentous occasion''.

The MOU was signed by Mr.Subir Raha, Director, IOC and Chairman and Managing of the consortium, which is setting up the project, and Mr.J.Rambabu, Principal Secretary, Roads and Buildings, Andhra Pradesh Government, in the presence of the Chief Minister, Mr.N.Chandrababu Naidu, his Ministerial colleagues, Mr. A.Shankar, Secretary, Ministry of Petroleum, Mr.M.Pathan, Chairman, IOC and other senior officers.

The ceremony beamed on the big screens at one of the luncheon sessions of the CII Summit was witnessed by a packed gathering of delegates from India and abroad. The LNG terminal is being set up at the coastal town of Kakinada in the State by the Kakinada Indian Oil LNG Consortium (KIOLC), consisting of IOC, Petrnas of Malaysia and Cocanada Port Company Limited with its associates, British Petroleum.

The Chief Minister, in his speech, set a timeframe of 48 months' massive project to be completed in two phases and repeatedly asked IOC officials to stick to the schedule, assuring them of all cooperation from his Government. He said the Government would place at the disposal of the consortium one ``escort executive'' to ensure that the necessary clearances were given expeditiously.

He said the Detailed Project Report (DPR) must be completed within six months, the financial closure in 12 months and the project itself in 36 months. Interacting with the IOC officials, he asked them to prune the gestation period further, if possible.

Responding to his pleas, Mr.Pathan said the first milestone of the DPR would be completed within six months and ``we shall rise to your expectations''.

The Petroleum Secretary said it was an unforgettable experience to work with ``one and only Mr.Chandrababu Naidu.'' In a lighter vein, he requested the Chief Minister ``not to chase IOC officials on a daily basis but only on a monthly basis'', touching off peals of laughter.

The Chief Minister said MOUs involving an investment of Rs 35,000 crores was being signed during the three-day Partnership Summit while projects costing a total of Rs. 72,000 crores were in the pipeline. ``We are straight away offering projects valued at Rs 21,000 crores and sky is the limit'', he said in a presentation made to the delegates. ``Commit on one single project at least before you leave Hyderabad'', he requested them.

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Section  : Southern States
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