HPCL liquidator urged to reveal the oil reserves’ valuation of the unused Cachar Paper Mills land area, by the unions.

HPCL liquidator urged to reveal the oil reserves’ valuation

On Saturday, The employees’ unions of two defunct units of HPCL urged the liquidator to reveal the oil reserves’ valuation in the Cachar Paper Mills land area. Bidders have been summoned to organize an e-auction. HPCL liquidator urged to reveal the oil reserves’ valuation of the unused Cachar Paper Mills land area, by the unions.

In the Cachar Paper Mill Township, there are more than three natural oil well reserve points and the land area is allegedly in a tenancy rent contract with ONGC.

The oil reserves’ valuation has been labelled as ‘liquid gold’ and has not been revealed in the auction information, and only the land area has been elaborated.

The liquidator has been urged to reveal the natural oil/gas’ total volume available at the Cachar Paper Mills land area, the land’s quantum valuation and the criterion used to decide the price. And also to explain the lease rent agreement period with ONGC, and the land’s fate if the same is auctioned without adding the existing oil reserves’ value.

Cachar Paper Mills at Panchgram in Hailakandi district has been inactive since October 2015  and Nagaon Paper Mills at Jagiroad in Morigaon district has been non-functional since March 2017.

As land having oil reserves is precious and national property, the union urged the liquidator to reveal the details before the land is bought by any third party.

 

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