Chief minister, Vasundhara Raje, during her budget speech, said that based on appraisal report, the project will earn revenue of more than 68,000 crore within 15 years, from the day of production.
According to government officials, the data was cited from the report prepared by HPCL-appointed consulting firm, SBI Caps. Riding on these figures, the government is firming its stand on renegotiating the terms. "These facts came up while reviewing the project. Asking for a interest free loan for Rs 3,736 crore per annum, for 15 years, is unjustified," said a source in the government.
With appraisal report confirming major gains from the project, once refinery gets functional, government now argues that if profits are high, why should HPCL be the greater beneficiary. As per the MoU, HPCL has 74% stake, while the state holds just 26%, even after giving land, money and oil for the project.
To further review the project, state government has also announced to hire a consulting firm. Though, government officials are tightlipped about the name of the firm, the agency will submit its report within the stipulated time. Parliamentary affairs minister Rajendra Rathore, had also mentioned this in the assembly while replying to the demands of grants on mining and industry.
"Mandate of the firm will be to highlight areas where there are anomalies in MoU. We will re-examine those points and make changes accordingly . The state's inter est is paramount and our endeavour is to bring in more benefits for the state which were being overlooked earlier", said Rathore.
Another contention on which Rajasthan government and HPCL are at daggers-drawn is the availability of oil. HPCL has maintained that crude oil availability in Barmer can dip, forcing the company to look for other avenues to run the refinery. Based on this premise, they are seeking loan from the government.
The state differs from the company's view that there may be shortage of oil in Barmer. Quoting recent figures from Cairn India exploring targets, Rathore claimed that Rajasthan has not only got plenty of crude oil reserves but also gas reserves in Barmer-Jaisalmer basin.
It is expected it would touch production of 7 billion barrels from the present 4.6 billion barrels. Based on geological formations, Cairn also spotted new crude oil reserves in Fatehgarh, Dharvi-Dungar, and Barmer Hill (names coined in geological survey). The minister in-charge also said that Cairn India has also found gas reserves to the tune of one trillion cubic feet.
http://timesofindia.indiatimes.com/followceleb.cms?alias=Vasundhara Raje,Rajendra Rathore,Rajasthan government,HPCL,Congress
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