Cancer of Economism

factory. The project, in which the ONGC has two foreign companies as partners, has been a commendable success from the point of view of drilling and production of oil But the ONGC is now finding it difficult to market its share of crude either in India or abroad. In addition, it had accepted the obligation to find markets for the Iranian share of the crude from this field and that too at a price which the crude simply will not fetch in the prevailing world market conditions. The Iranians are not likely to budge from their advantageous position, just as they did not when India raised the question of revising the agreement for supply of crude to the Madras refinery in which no provision had been made for adjusting prices according to market conditions even though we were committed to importing crude from Iran for as long as 22 years.