Govt concerned over mounting losses of OMCs: Deora

New Delhi, Nov 13 (UNI) The government today expressed deep concern over the mounting under-recoveries of oil marketing companies (OMCs) which are already reeling under huge losses due to rising global crude prices, Petroleum Minister Murli Deora said.

''With international oil prices closed to 100 dollars a barrel, under-recoveries can only go up further and we are very concerned about it,'' Mr Deora said here.

His ministry is consulting the Finance Ministry to reach an early workable solution and ''appropriate decision on fuel prices will be taken at appropriate time'', he added.

On the Iran-Pakistan-India (IPI) pipeline, he said, before the next tripartite meeting takes place, a bilateral meeting with India and Pakistan is necessary to decide the transporation tariff, transit fee and ''our commission on the price revision clause proposed by Iran''.

The government is finalising the date for the meeting, the minister added.

On Turkmenistan-Afghanistan-Pakistan-India pipeline, the next steering committee meeting of the participating countries is scheduled to be held on November 28-29 this year.

''We propose to launch a new exploration licensing policy (NELP VII) shortly by December-January,'' Mr Deora said.

Nearly 60 blocks will be offered for exploration and production, comprising 30 onshore blocks, 15 shallow water blocks, and 15 deep water and ultra deep water blocks in the east and the west coast of the shore area.

The minister also said that work related to the launch of coal bed methane (CBM IV) has started in consultation with the Coal Ministry.

UNI