PNGRB model of regulations: Has it been abandoned?
May 23: The PNGRB was set up in 2007 at the behest of multilateral funding agencies through an act of Parliament as part of a large-scale restructuring of the petroleum industry. 8The law confers comprehensive powers on the board commensurate with the tasks assigned to it. But the regulator was compromised from the start, either deliberately or inadvertently, by acts of omission and commission by stakeholders. 8 “Foremost among them has been the Government of India whose attitude to independent regulation is the main determinant of the success or failure of the regulator,” a comprehensive research paper claims. 8But then there are others who argue that a regulator can only work in a mature market in which the needs of the entire population is already met. 8In this context, is it then understandable why the government had nominated GAIL to expand India’s gas infrastructure with the offer of a substantial viability gap fund, as it goes to show that the “national champion” model is the only way forward for developing countries with sketchy and skewed infrastructure? Click on Reports for more