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Payments of arrears of royality on Crude Oil to the tune of Rs. 349 Crores
New Delhi: March 19, 2004

Ministry of Petroleum and Natural Gas has approved payments of arrears of royalty on crude oil for the transition period from 1st April, 1998 to 31st March, 2002 to the oil producing States. The Government had earlier approved a new scheme in which the royalty on crude oil has been specified on ad-valorem basis. This provides linkage of royalty with the market price of crude oil.

However, for the transition period from 1st April, 1998 to 31st March, 2002, when dismantling of Administered Pricing Mechanism (APM) had commenced in phases, the royalty was calculated based on the crude price envisaged to be paid to ONGC and OIL under the APM dismantling regime. The amount of arrears payable to the crude oil producing State Governments work out to about Rs. 349 crores. The beneficiary States are Assam, Andhra Pradesh, Arunachal Pradesh, Gujarat and Tamil Nadu. The major oil producing States namely, Gujarat and Assam will get about Rs. 175.91 crores and Rs. 146.70 crores respectively.

The payments for the transition period would be made by ONGC and OIL and the Government in turn would issue special Government bonds with the coupon as applicable on the Government securities with comparable residual maturity on the date of issue of the special bond.

Press Release by: PIB/1360
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