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| There is a report in a section of print media today with the caption "ONGC plans N-plants" |
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November 03, 2009 |
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We would like to clarify that as of now there is no decision in ONGC to diversify into setting up of Nuclear Power Plants.
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In fact, in response to a media query last week, Mr. R.S. Sharma, CMD, ONGC had opined that it makes a good business sense for ONGC to enter into Nuclear Power activity, since there is ample scope in India to set up nuclear based power plants. It was further informed that since ONGC is already working on uranium exploration under an MoU with the Uranium Corporation of India Ltd. (UCIL), it will be a logical value chain to go for nuclear power in case of success in uranium exploration on commercial scale.
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The discussions with Dr. Anil Kakodkar, referred in the news article, relate to sourcing of uranium under the said MoU with the UCIL (and not on setting up of nuclear power plant).
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In fact a lot of ground will have to be covered including technology sourcing for going into nuclear energy. It was further clarified by the CMD that the plan for entering into nuclear energy business can be framed only after completion of preliminary studies and access to the technology, and after structured deliberations on the business plan in a Strategy Meet.
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Issued By
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Oil and Natural Gas Corporation Ltd.
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Corporate Communications, New Delhi
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