OVL plans to invest $155 million in the first phase in an block in Trinidad and Tobago, the government said in a statement. It will invest another $281 million in drilling operations in the two blocks in Brazil.
The CCEA has also approved that a empowered committee of secretaries could allow up to 30 per cent additional investment in the case of cost escalation.
OVL, which has participating interest in 38 blocks in 18 countries, plans to acquire oil and gas properties across the globe as the country works towards achieving oil security. The company is also attempting to diversify its interests in various geographies around the world. It has oil blocks in countries ranging from Russia, Vietnam, Sudan to Venezuela.
The CCEA also approved the revision and continuation of the development, strenghtening of agricultural marketing infrastructure, grading and standardisation scheme till the end of the 11th Plan in 2011-12. The outlay for the scheme is Rs 706.40 crore.
"The revised scheme will help in expanding marketing infrastructure facilities in the country by inducing private/public and co-operative sector investment and will also help in improving the efficiency of existing infrastructure with state agencies," the government said in a statement. The scheme creates marketing infrastructure for agricultural produce.
The Union Cabinet also approved a Cruise Shipping Policy in an effort to promote the country as a tourism destination. "The policy would spill out growth in diverse other sectors thereby earning foreign exchange for the country and also generate enormous employment opportunities," the government said in a statement.
The global cruise shipping industry, growing at an annual rate of 12 per cent, generates $14 billion annually. Around 10 million people went on cruise holidays, which is expected to double by 2009, the government said in a statement. India's share in this industry is 2 per cent.
The CCEA also agreed to restructure the Patna-based Bharat Wagon and Engineering Company, administrative control of which will now be given over to the railway ministry from the department of heavy industries.
As part of the financial restructuring, the department of heavy industries will give Rs 26.83 crore for discharging dues to employees oft he company. Interest of Rs 45.95 crore on loans given to the company by the central government will also be waived off.
The railways ministry, the new parent ministry of the company, will on the other hand, initially provide Plan equity of Rs 6.83 crore and Plan loans of Rs 6.83 crore for capital expenditure.
