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UPA-II to announce Shale gas Policy soon:Moily

Posted on Jan 02, 05:01PM | UNI

The Union Cabinet is likely to announce soon a policy on exploitation of shale gas potential in the country.

Talking to newsmen here, Union Petroleum and Natural Gas Minister M Veerappa Moily said it was crucial fo the country to exploit the full potential offered by shale gas.

The United States and Canada have done some pathbreaking exercise on shale gas exploitation and India would not lag behind.

He said he was already working on the policy and it was likely to come before the cabinet soon.

Mr Moily said he was reviewing the NELP implementation to identify the shortcomings and would take up the next round of NELP only after the review is complete.

He also said he was also looking into the recommentations of the Rangarajan Committee report on pricing of Natural Gas and a decision would be taken on Gas pricing.

He highlighted the importance of biofuel to supplement the depleting fossil fuel reserves and a suitable policy would be evolved. on mixing of 5 per cent ethnol with fuel, he said there was shortage of ethnol production in the country and there was need to import the same.