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Sea turns rough for ONGC (1)   16-Jul-08 19:59Tracked by (0)  
Posted by:   vtycoon on ( 16-Jul-08 19:59 )
Price : BSE: Rs 866.30 ( 2.52 % ), NSE: Rs. 864.10 ( 2.24 % )
The general perception amongst most of the Indian environmental and safety authorities is that all which is old, causes the maximum pollution and accidents. That made a lot of sense when it came to vehicles plying on the road but to extend the same logic to ships?



The Shipping Ministry issued new norms for vessels operating in Indian waters. DG Shipping had in May banned operations of all vessels that are more than 25 years old. So this means that all the ships which are more than 25 years old, would be removed from the waters. And this has literally sent shivers down the spines of ONGC and Reliance Industries. ONGC has more than 100 vessels operating off the East and West coast providing supporting services to oil and gas production. Reliance has around 40 or more vessels to bring in the gas from the KG basin to the production facilities. And all these vessels are over 25 years old, so what would be the fate? Its not like buying a new car for an old car, a ship costs crores of rupees and getting it made and delivered takes two to three years. This move, if implemented would force Reliance and ONGC to actually shut down its offshore operations.



And those in the shipping industry state this is absolutely the wrong way to go about imposing environmental and safety norms on the industry. Usually in the shipping industry, more than the age of the vessel, it has been seen that the vessels meet all the necessary safety certification from international bodies and underwritten by global insurers.

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