Srilanka, Cairn India sign oil, gas deal
Published on: July 07, 2008 at 18:20
Related Stories
COLOMBO : Srilanka on Monday confirmed an agreement with Cairn India Ltd to explore oil and gas deposits in the north-western Mannar gulf of the island.
Sri Lanka’s minister of petroleum resources A.H.M. Fowzie said, “Today we signed an agreement with Cairn India, formally offering them the rights to explore oil and gas deposits at block one in the Gulf of Mannar.”
Indrajit Banerjee, a Cairn India director, signed the agreement with Fowzie in the presence of President Mahinda Rajapaksa, Prime Minister Ratnasiri Wickramanayake and several cabinet ministers.
Fowzie said the company has handed over a cheque for $1 million to the government. Eight blocks have been identified for oil exploration in the Mannar Gulf, with Cairn India getting block-one.
The minister said arrangements have been made to accelerate all activities related to Cairn, which is expected to commence exploration by early next year.
Total Comments : 1
Shan the artist Posted On : Jul 09, 2008 12:55 AM
Www.sundaram-art.com for all love and freedom
Reply
In India, gold is considered as one of the prestigious instruments of investment among the household consumers. Small household units are now becoming potential investors for gold from the key consumers. The demand for consumption purpose is no longer the main driver of demand for the yellow metal, but the systematic investments in retail gold investment options is the latest crush among the small investors in the country. 
Recent Questions
- Gold Bullion or Gold Stocks: Which is best to invest?
- Post-panic gold-stock recovery isn’t over yet!
- Gold’s bull run to boost as money flow out of bond
- Why palladium's parabolic price rise is worrisome?
- Record gold demand from central banks
- Investors in Europe go for gold
- Gold investment demand to surge: WGC
- Gold slowly making way for platinum in India
- Commodity Trends: No wheat export, futures slump
- Retail gold investment, a latest crush in India
- Global steel giants all set to hike prices
- Time for gold jewellers to check out new metals
- SICOM to play key role in robusta coffee pricing
- 'Lithium is the hottest commodity these days'
- ‘Silver to be best leveraged commodity soon’
- Why gold and silver are biggest asset bubbles
- Why George Soros feels that Euro will collapse
- IMF’s good economic forecast may hit gold prices
- 'Gold trading should be done with passion'
- 'China to emerge as top gold holder in 10 years'
- No takers for gold hedging in this boom time!
- Used carbon credits trade create havoc
- Continued 'soft money' and shining commodities