Congress veteran Jairam Ramesh attacks GSPC

Vol 19, PW 19 (02 Jun 16) News in Brief
     

Senior Congress leader and former environment minister Jairam Ramesh harshly attacked GSPC for signing the PSC for the Deen Dayal block in 2003 with Calgary-based GeoGlobal Resources, while speaking to Petrowatch.com in Ahmedabad on May 19.

"GeoGlobal was incorporated as a two-person company in Barbados days before it signed an agreement with GSPC," claims Ramesh. He alleges GeoGlobal's share price shot up from $0.96 to $10 as soon as then Gujarat chief minister Narendra Modi made his infamous claim on June 26, 2005 that Deen Dayal West held 20-tcf of gas.

Ramesh further criticises GSPC's deals with Delhi-based Tuff Drilling and Mumbai-based Swan Energy. "GeoGlobal, Swan and Tuff have all played their part in this 'scam'," he says.

"Navin Dave and Nikhil Merchant of Swan and Vinay Yadav of Tuff Drilling should be made co-conspirators." GSPC in May 2010 awarded a $100m contract to Tuff, set up in 2006-07. GSPC in January 2010 gave Swan a 49% in GSPC Pipavav Power Company without a tender.

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