The Hindu : Business : Mansingh to head oil board

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Friday, Jul 06, 2007
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Mansingh to head oil board

Special Correspondent

NEW DELHI: The Union Petroleum and Natural Gas Ministry has issued a notification announcing the constitution of the Petroleum and Natural Gas Regulatory Board (PNGRB) on Thursday. Former bureaucrat L. Mansingh will head the board as its first Chairman.

The board has been created under Sec. 3(1) of the Petroleum and Natural Gas Regulatory Board Act, 2006.

The other members of the board include, L. K. Singhvi, B. S. Negi and Sudha Mahalingam. The Government has also approved the appointment of Y. P. C. Dangay as member (legal) to the board.

As per the statute, the PNGRB will regulate the downstream activities in the petroleum and natural gas sector, namely, refining, processing, storage, transportation, distribution, marketing and sale of petroleum, petroleum products and natural gas so as to protect the interests of consumers and entities engaged in specified activities. It would ensure uninterrupted and adequate supply of petroleum, petroleum products and natural gas in all parts of the country and to promote competitive markets.

The functions of the board include registration of entities to market notified petroleum, petroleum products and natural gas, establish and operate LNG terminals and establish storage facilities beyond a certain capacity as may be specified by regulations and to lay build, operate or expand a common carrier or contract carrier or city gas distribution network.

In respect of notified petroleum, petroleum products and natural gas, the board should ensure adequate availability and display of retail selling prices at the retail outlets, monitor prices and transportation rates for common carrier or contract carrier. It would take corrective measures to prevent restrictive trade practices and enforce retail service obligations for retail outlets and marketing service obligations for entities. The board should also maintain a data bank of information on down stream activities in the petroleum and natural gas sector and lay down the technical standards and specifications including safety standards.

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