New Delhi, Jan. 6: There are definite indications that during his forthcoming visit to Washington to attend the annual meeting of the World Bank and the International Monetary Fund, Mr. C. Subramaniam, Union Finance Minister, will actively pursue the possibilities of securing World Bank assistance in a big way for oil exploration, particularly in the offshore areas.
Mr. C. Subramaniam has been in touch with the Chairman of the Oil and Natural Gas Commission, Mr. N.B. Prasad, in this regard. The ONGC is also understood to have apprised the Finance Ministry of the extent of its requirements for exchange resources to give a major push to its exploration programme.
An indication of the highest priority given by the Finance Minister for making adequate allocations to the ONGC can be had from the fact that a few days before, frantic efforts were made by the Finance Ministry to reach Mr. Prasad who happened to be aboard the mobile drilling ship “Sagar Samrat” in Bombay High for urgent consultations with Mr. Subramaniam.
Mr. Subramaniam who has been fully briefed by his Ministry will tell the World Bank that India is highly credit worthy and is in a position to absorb the loans it can provide at its current lending rate of 8.5 per cent.
Published – January 07, 2025 05:40 am IST
