COMPANIES

ONGC, partners to spend $1 billion on Panna-Mukta-Tapti fields
Mumbai: ONGC along with partners Reliance Industries and British Gas will spend an additional $1 billion on the Panna-Mukta-Tapti (PMT) fields, off the west coast, over the next few years to increase gas and oil output.

"The joint venture partners plan to further invest about $1 billion in the PMT fields over the next few years and are working with the government for expansion projects that may further increase the current production rate by about 60 per cent by 2009,'' union petroleum minister Murli Deora said after inaugurating the Tapti compression and processing platform (TCPP).

ONGC has 40 per cent stake in the unincorporated joint venture while RIL and BGEPIL, a subsidiary of BG Group Plc, have 30 per cent interest each in the venture.
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GENERAL

India-Pakistan talks on Iran gas pipeline likely by month-end
Mumbai: India and Pakistan will hold ministerial level talks by the end of this month to resolve the contentious issue of transit fee for the India-Pakistan-Iran gas pipeline, petroleum secretary M S Srinivasan said.

"All the major issues have been resolved. Only fixing of transit fee remains to be solved," Srinivasan told a press conference.

Several technical aspects, including diameter of the pipe and pressure of the gas, have been finalized, he said, adding that the $7.4 billion project with India's stake of $2.5 billion was expected to be completed within three years.
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Musharraf sweeps poll; supreme court to decide fate
Mumbai: President Pervez Musharraf has polled most votes in Pakistan's presidential election but he must wait for the Supreme Court to confirm the legality of his bid for being declared the winner.

His election, largely boycotted by the opposition, was widely expected. Members of the parliament and four provincial assemblies voted for president.

The ruling coalition' has a majority to ensure that Musharraf beat two rival candidates. In the two houses of parliament, Musharraf won 252 of 257 votes cast. His closest rival, Wajihuddin Ahmed, won two votes, while three votes were rejected, chief election commissioner Qazi Muhammad Farooq told the National Assembly.
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India, Sri Lanka finalise textile tariff rate quota norms
Mumbai: India and Sri Lanka have signed a memorandum of understanding (MoU) to finalise the procedures for operationalising a Tariff Rate Quota (TRQ) for import of three million pieces of apparel articles covered under the India-Sri Lanka Free Trade Agreement (ISLFTA).

Under the ISLFTA that came into force on March 1, 2000, Sri Lanka could export to India an annual three million pieces of apparel articles duty-free and without any restriction on entry points and sourcing of fabrics.

The textile quota board and department of commerce of Sri Lanka has been designated as the authority for issuance of quota and certificate of origin for the export of apparel articles from Sri Lanka to India and in the case of India, the textiles committee has been nominated to monitor the TRQ parameters.
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Kharif crop area exceeds last year's coverage
Mumbai: The area under major kharif crops has gone up substantially as compared to October 5 last year, data compiled by the agriculture ministry showed.

The total area under kharif rice has gone up to 369.32 lakh hectares (ha) compared to 366.62 lakh hectare last year, the weekly crop weather watch group meeting of the ministry was told.

Transplanting ended in most states, except in Andhra Pradesh, Karnataka, Kerala, Orissa and Tamil Nadu, where it is continuing.

The harvesting of various coarse cereals is progressing in almost all states.

The area under jowar so far is 35.78 lakh ha against 37.94 lakh ha last year, bajra 86.99 lakh ha (92.86 lakh ha), maize 74.55 lakh ha (68.44 lakh ha); total coarse cereals are over 219.86 lakh ha (220.62 lakh ha).

The area covered under cotton so far is 90.94 lakh ha (87.48 lakh ha). Out of this, 53.32 lakh ha is under Bt cotton.

The total coverage under sugarcane has been reported at 51.04 lakh ha (48.32 lakh ha).

The coverage under jute has been reported at 8.29 lakh ha (8.18 lakh ha). Harvesting has ended in all states.
The total coverage of oilseeds so far has been 176.05 lakh ha (164.72 lakh ha).

Soyabean has been sown in eight per cent and groundnut in 14 per cent higher area compared to 2006.
Pulses cover an area of 125.22 lakh ha (112.86 lakh ha).
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