New Delhi, Apr 28: Government today informed that the European Union ban on single hull oil tankers of over 23 years of age would not impact privatisation-bound Shipping Corporation of India (SCI). "SCI has eight single hull crude oil tankers which are over 23 years of age, out of which two are on storage duty of ONGC and British Gas. The other six tankers are operating between Persian Gulf-India and on the Indian Coast. Hence, there is no impact of this decision on SCI's tanker fleet," Minister of State for Shipping Dilip Kumar Gandhi said in a written reply in Rajya Sabha here. The EU ban on single hull oil tankers of over 23 years of age carrying crude oil or fuel oil is expected to come into force on July 1, 2003.
Gandhi said the government has decided to permit foreign participation without any ceiling in the strategic sale of SCI. This is in line with the FDI policy in the shipping sector. "Consequently, fresh expressions of interest for the strategic sale of 51 per cent equity in SCI will be invited," he said.
SCI, which posted a net profit of Rs 241.56 crore in 2001-02, has a net worth of Rs 2095.59 crore, he added. Bureau Report