India to set up Petroleum Authority

India to set up Petroleum Authority

Tuesday, 09 November 2004, 08:00 Hrs   |    1 Comments
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THE HAGUE: The Indian government is setting up a regulatory body for the petroleum sector to provide a level-playing field to both domestic and foreign companies, Prime Minister Manmohan Singh has said.

"The government is in the process of setting up an independent, credible Petroleum Authority," he said in response to a suggestion by Jeroen van der Veer, chairman, Royal Dutch Shell, at a roundtable with European and Indian CEOs here Monday evening.

Singh rounded up a three-day visit he paid here to attend the India-European Union summit.

Veer had suggested that a level-playing field be created for the oil sector in India by setting up an independent regulatory body.

Ï recognize that whoever comes o invest in India is entitled to expect a level- playing field," the prime minister said in response.

He also said that India would adhere to all commitments already made at the World Trade Organisation (WTO) and that legislation with regard to trade-related intellectual properties (TRIPS) would be brought before parliament soon.

Source: IANS
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