Prime Minister Manmohan Singh today said, spiraling international oil prices have put a strain on the country's import bill and domestic prices need to be rationalised. He said, there is also a need to rationalise prices and at the same time ensure that the poor and needy are shielded from the effects of such a rationalisation.
The Prime Minister was speaking after formally dedicating to the nation, the 21,500 crore rupee Guru Gobind Singh Refinery in Bhatinda. The nine million tonne refinery is a joint venture of HPCL and Mittal Energy. Dr. Singh said that successful completion of this joint sector project has proved that there is a large scope of public and private partnership in the country.
He said that country has made great success in refinery sector as its oil refinery capacity has increased manifold since 1998. The Prime Minister said that despite imports in the oil sector, the government is providing diesel, petrol and LPG to the people on reasonable rates. He expressed the hope that now ancillary industries will develop in Punjab and the people of the state will get direct and indirect employment besides economic benefits.
Dr.Singh stressed the need to develop successful manpower in the country. The Prime Minister expressed happiness that this 21,500 crore rupee project has been completed within the given time and all care has been taken to maintain the environment of the region.
Speaking on the occasion, Petroleum Minister Jaipal Reddy said that with the setting up of this refinery, petroleum needs of the northern region will be fulfilled. He congratulated the HPCL and Mittal Energy for completing this project in a record time.
Billionaire Lakshmi N Mittal, who was also present at the function said, capacity of his first downstream oil venture at Bhatinda will be doubled to 18 million tonne in future. Mittal said, the unit will help in energy security of the country and make Punjab a petrochemical hub.
Union Ministers Ashwani Kumar, R.P.N. Singh, Punjab Governor Shivraj Patil and Chief Minister Prakash Singh Badal were present on the occasion.
