It is reported that the saga of clearances for Cairn and Vedanta continues with oil ministry sources saying that the home ministry is yet to provide security clearance to the deal.

Officials said no timeline could be suggested for the security nod, adding that Cairn executives Mr Bill Gamell and Mr Rahul Dhir are scheduled to meet Oil Minister Jaipal Reddy.

The long awaited No Objection Certificate from ONGC to Cairn for the Vendata deal has gone been backtrack yet again. And, it is now going to be a longer wait for that deal to materialize.

On September 27, the ONGC board had actually agreed to give that NOC provided they got a written pact from Cairn India for withdrawing the cess arbitration and also working out as far as a contentious royalty issue is concerned.

Cairn will have to reimburse ONGC for the royalty that ONGC has been paying on the behalf of Cairn at the Barmer oilfield and this is where the complication is lying.

(Sourced from MONEYCONTROL)