Unlike 2G, CAG said KG basin loss was ‘real’: Jairam Rameshhttps://indianexpress.com/article/india/india-news-india/unlike-2g-cag-said-kg-basin-loss-was-real-jairam-ramesh-2807810/

Unlike 2G, CAG said KG basin loss was ‘real’: Jairam Ramesh

Addressing mediapersons here, the former Union minister said the CAG had rapped GSPC for investing Rs 19,576 crore in a Krishna-Godavari (KG) block for gas exploration.

Jairam Ramesh in Kolkata on Sunday. (Source: Express Photo by Partha Paul)
Jairam Ramesh in Kolkata on Sunday. (Source: Express Photo by Partha Paul)

Reiterating the demand for a Supreme Court-monitored probe into the alleged Rs 19,760-crore scam in Gujarat State Petroleum Corporation (GSPC), Congress leader Jairam Ramesh Wednesday said that the Comptroller and Auditor General (CAG) in its report had described the loss as “real loss” against the “presumed loss” in the 2G scam and the coal block allocations.

Addressing mediapersons here, the former Union minister said the CAG had rapped GSPC for investing Rs 19,576 crore in a Krishna-Godavari (KG) block for gas exploration. Four years ago, the auditor had criticised GSPC’s operations in KG basin, and said “numerous faulty investment and destructive administrative decisions” had led to a loss of Rs 7,000 crore to the company, Ramesh said.

The GSPC took a loan of Rs 19,576 crore from public sector banks for financing exploration from 2005 to 2012, but the total gas reserve in the block was not more than one lakh crore cubic feet, he said, adding, 11 years have passed since GSPC started borrowing money, and commercial production of natural gas is yet commence in KG basin. “What happened to all this money?,” he asked.