Cairn India clarifies on news item regarding pipeline project

With reference to the news item appearing in the leading financial daily titled, "ONGC, Cairn to share cost of Rajasthan pipeline project", Cairn India Ltd has clarified as follows:

"Other than the specific quotes attributed to David Nisbet and Lawrence Smyth, Cairn India was not the source of this report and has not approved the content.

We remain in the active discussion with the Government of India and other third parties, including ONGC and ONGC's subsidiary MRPL, regarding the arrangements for the crude from the Rajasthan fields operated by Cairn, as indicated in previous public disclosures and the Cairn India Ltd prospectus dated December 22, 2006. However, we have yet to reach an agreement on the construction of a pipeline from the Rajasthan fields.

Both of the specific quotes attributed to Cairn India personnel are consistent with the position."

Source : Equity Bulls

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