"I would now hope that the new MoU would be negotiated by the state government in such a way that exports of iron ore are completely avoided," Ramesh asserted while granting clearance to the 12 MT steel-to-port project at Jagatsinghpur with USD 12 billion (Rs 54,000 crore) investment. "...I could well have waited for MoU to be renewed ...But that would have smacked a filibustering," he made it clear. The Memorandum of Understanding (MoU) between POSCO and Orissa signed on June 22, 2005, and expired last year, had the provision that the company could export as much as 30 per cent of iron ore from the state and would have to import a similar quantity. However, Ramesh while allowing diversion of 1,253 hectares of forest land for POSCO�s mill and captive port put forth the condition that the revised pact should not allow exports of raw material. "I am conscious of the fact that the MoU between the state government and POSCO expired last year and has yet to be renewed. This MoU had provisions for the export of iron ore which made me deeply uncomfortable with this project. "I would expect that the revised MoU between the state and POSCO would be negotiated in such a manner that exports of raw material are completely avoided," Ramesh mentioned. South Korean major, however, assured that no exports would be allowed from the project. "There were no plans for export of iron ore from the project and now also we do not intend to do any exports. Read the full report here.
Source: IBN Live, New Delhi.
