Patel defends GeoGlobal

Vol 13, PW 25 (03 Jun 10) News in Brief

Gujarat energy minister Saurabh Patel has issued a robust defence of GSPC’s alliance with Canadian explorer GeoGlobal Resources at KG discovery block KG-OSN-2001/3.

Patel’s comments follow renewed criticism from opposition Congress leader Shaktisinh Gohil. Speaking to PETROWATCH, Patel said: “Gohil’s comments betray his anti-development mindset.

All the points he raises are ‘risk factors’ in GSPC’s Draft Red Herring Prospectus for the IPO. This Prospectus has been approved by (stock market regulator) SEBI.

” Last week Gohil attacked the Gujarat government over its “controversial deal” with GeoGlobal, demanding an inquiry into the role of six key figures instrumental in approving the alliance with GeoGlobal, among them chief minister Narendra Modi, state energy minister Saurabh Patel, former GSPC chairman D. Rajagopalan, former GSPC managing director DJ Pandian and GSPC general manager exploration MY Farooqui.

Gohil tells this report: “I will also go to SEBI and request it to review the approval it has given to the IPO of GSPC.”

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