India
Unsavoury Sibal episode will not obliterate investor confidence
New Delhi | Wednesday, Nov 4 2009 IST
Seeped in the shadows of the unsavoury events relating to the former Director General of Directorate General of Hydrocarbons V K Sibal, Petroleum Secretary R S Pandey today said complaints and allegations against some functionaries will not result in investor confidence being shaken in India. Clarifying media reports at the Economic Editors' Conference here, Mr Pandey said neither the CBI nor the CVC have made any formal request to the government to prosecute Mr Sibal. Elaborating further, Mr Pandey said the Director General Hydrocarbons was only a technical adviser to the government and exercises the delegated power in accelerating domestic exploration of production of these products. He said there were many countries in the world which do not have a so called regulator. ''In India, we already have a level playing field under the NELP regime. The best bids are accepted on the blocks offered for bidding. There is no preference to national oil companies now. This used to be the practice prior to the introduction of the NELP regime,'' he said. -- (UNI) -- 04DI89.xml
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