GoI rejects crude oil export proposal by Cairn India
The Dollar Business Bureau The Petroleum Ministry on Tuesday rejected a proposal from Cairn India seeking export of crude oil from Barmer block of Rajasthan. Cairn India, one of the largest oil and gas exploration companies had sought permission for exporting crude oil from India’s largest onshore field, citing that exports would result in additional revenue for the state and central governments in terms of taxes and royalty. However, the Petroleum Ministry, reports said, shot down the proposal stating that the company’s production sharing contract (PSC) with the Centre didn’t provide for sales abroad. The company had also proposed a swap mechanism in its proposal to the Ministry, where it expressed readiness to source crude oil at cheaper prices from ...
