Cairn to invest $1 bln in Rajasthan

New Delhi, July 26: The Edinburg-based oil exploring giant Cairn Energy today signed an agreement with the Syndicate of Bankers, for a 1 billion dollar loan, to develop oil fields in Rajasthan.

''The company would invest one billion dollars to finance development plans for Mangla, Aishwariya, Saraswati and Raageshwari oil fields located in Barmer district in Rajasthan,''Cairn Energy Chief Executive Sir Bill Gammell told reporters here.

Mr Gammell said that the company expected that the start-up date for Mangala would be by the year 2008.

Rajasthan Chief Minister Ms Vasundhara Raje and Central Petroleum Minister Murli Deora, apart from other officials, were also present.

In 1995, the contract was signed with Shell, a super oil major with ONGC as a licensee to the block. Later on, Shell sold its entire interest in two stages along with operatorship to Cairn Energy.

UNI