Decks cleared for 5 mt crude reserves plan

Project to come up at a cost of Rs 11,267 cr through the OIDB cess.

The Cabinet Committee on Economic Affairs (CCEA) today approved the proposal to set up 5 million tonnes of strategic crude oil reserves at an estimated cost of Rs 11,267 crore through Oil Industry Development Board (OIDB) cess.

"The facilities are to be built in Mangalore and Vizag by Indian Strategic Petroleum Reserves Ltd, a subsidiary of the OIDB, over nine years. Operating the stockpile will cost about Rs 90 crore per annum," Defence Minister Pranab Mukherjee said after the CCEA meeting.

"The project will enhance the country's energy security, particularly during short-term oil disruptions," he said.

The committee also approved the doubling of 148 km of rail track in Utraitia-Sultanpur-Zafrabad section in Uttar Pradesh. "Of the 219 km of this section on the Mughalsarai-Amritsar route, doubling for 71 km is underway and 148 km will be taken up now. This will cost more than Rs 301 crore," he said.

The Cabinet today approved a budgetary support of Rs 8.5 crore for the disbursement of terminal benefits and other employee-related dues to the workers of Maharashtra Antibiotics and Pharmaceuticals Limited (MAPL).

The Cabinet also approved the signing and ratification of regional cooperation agreement on combating maritime piracy and armed robbery against ships in Asia.

"The government has approved the designation of Coast Guards as the focal point for the agreement," Mukherjee said.

The agreement is the first of its kind for combating maritime piracy and armed robbery on the seas in Asia, and has been signed by 16 nations, including India, Bangladesh, China, Brunei, Japan, Korea, Singapore, Thailand, Vietnam, Malaysia, Indonesia, the Phillipines, Laos and Sri Lanka.

An MoU between the central board for excise and customs of India and Australia for cooperation and mutual assistance in customs matters was also given the nod.

PAPER WORK

Project to come up at a cost of Rs 11,267 crore through the Oil Industry Development Board cess

Facilities to be built in Mangalore and Vizag by Indian Strategic Petroleum Reserves Ltd over nine years

Cabinet okayed support of Rs 8.5 cr for clearing workers' dues of Maharashtra Antibiotics and Pharmaceuticals

Signing and ratification of cooperation agreement on combating maritime piracy and armed robbery against ships in Asia was also approved