Thursday, August 4 2005 16:20 Hrs (IST) - World Time -

New Delhi: Government today (Aug 4, 2005) made it clear that all oil and gas discovered by foreign exploration companies in India would be marketed only inside the country.

"Whatever oil is discovered has to be marketed in India. Similar is the case regarding gas. We shall not allow any collaboration with any foreign company which is disadvantageous to our nation," Oil and Gas Minister Manishankar Aiyer said in the Lok Sabha.

To a question whether government did a cost-benefit analysis before allowing foreign companies especially for the development of oil fields, which have already been discovered, the minister said "We require further investment, technology and managerial experience of overseas companies for the development of oil fields."

Allowing foreign companies should not be seen as a criticism of domestic firms like ONGC, he said adding results of collaboration between foreign and domestic companies in states like Rajasthan and West Bengal were there to see.

Replying to another query, Aiyer said ONGC was not withdrawing from the state of Assam and accused some political parties of spreading such rumors.

He assured the House about ONGC's investment plans there.