Letters: No-deal

Reliance Industry Ltd under the New Exploration Licensing Policy (NELP) was awarded certain oil and gas blocks after signing production-sharing contracts with the government. The idea was to explore oil and gas for the benefit of the country and reduce the burden of crude oil imports. Now, in a country that is reeling from various scams and corruption, RIL has sold a 30 per cent stake in 23 oil and gas blocks. The immediate and foremost question is: What right has RIL to sell national resource to a foreign company? Natural resources cannot be the absolute property of someone or some group. Selling stakes to a foreign firm is an anti-national act that should be condemned. RIL cannot be allowed to play with the nation’s oil and gas to draw benefits.

Petroleum Secretary S Sundershan has stated, “According to the 23 production sharing contracts, provisions exist to transfer stakes subject to government approval.” It is baffling that RIL could sell stakes without government approval. Undoubtedly, the provision for government approval was made to stop such malpractice. If RIL is unable to develop the blocks, it can surrender them to the government. It is similar to acquiring a spectrum licence at a lower price and then selling it to others for a higher price.

It’s time the government forced RIL to cancel the deal and return the oil blocks.

Ramgopal Bagla, Kolkata

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