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2013-12-31 ArtNo.44728
◆Nelp X will be under revenue-sharing model
【NEW DELHI】Petroleum minister M Veerappa Moily said "The New Exploration Licencing Policy X round will be under the revenue-sharing model."
 Days after the Cabinet Committee on Economic Affairs announced fixing of gas price for Reliance Industries (RIL), Moily said all roadblocks for the notification of gas price hike have been cleared and it will be notified any time soon.
 But while the price is hiked for bringing in foreign investors, they will now have to wake up to the revenue-sharing model, the new production-sharing contract, vehemently opposed by the operators.
 Moily told FE that the Nelp X round will be under the revenue-sharing model.
 Meanwhile, traders at Singapore said on Tuesday, Japan's Idemitsu Kosan has bought a total of 70,000 tonnes of naphtha from Mangalore Refinery Petrochemicals Ltd (MRPL) and Oil & Natural Gas Corp (ONGC) at steep premiums on persisting strong Asian demand.
 The Japanese refiner and petrochemical maker bought a 35,000-tonne cargo from ONGC for January 24-25 loading from Hazira at levels in the low $40s a tonne to Middle East quotes on a free-on-board (FOB) basis, marking the highest premium ONGC has fetched a naphtha cargo sold out of Hazira in about nine months. ONGC also exports naphtha from Mumbai.
 Idemitsu also locked in 35,000 tonnes from MRPL, a subsidiary of ONGC, for January 26-28 loading from New Mangalore at premiums around the low $40s a tonne level, a new eight-month high premium for MRPL.

【News source】

Nelp X will be under revenue-sharing model: M Veerappa Moily

Japan's Idemitsu buys 70,000 tonnes of naphtha from MRPL and ONGC

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