More delay in appointment of downstream regulator
Expect more delay in the appointment of an independent regulator for Indias partially deregulated downstream oil sector.
Blame it on mid-term general elections and oil minister Mani Shankar Aiyars penchant for good English. With a new government in place, the oil ministry needs fresh cabinet approval for the Petroleum and Natural Gas Regulatory Board Bill before it goes to parliament.
More, Aiyar is unhappy with the clumsy English used in the previous Bill and has decided to change it. Basically the Bill remains unchanged, reveals a source.
Aiyar didnt like some of the language used and has made changes to the text. Parliament is unlikely to pass the Bill even by the end of this year, given the slow pace at which work gets done in Delhi.
First introduced in May 2002, the Bill was later examined in detail by a parliamentary committee on petroleum and then sent to the oil ministry for more suggestions.