The IOC fire burning a hole in the economy

   The last two days have been despairing as I remained glued to news-channels and watched Jaipur burn. The IOC fire has been  a rather unfortunate event, and the losses are overwhelming. The cause of the fire remains hazy, but the result is what we are able to fathom. Even as firefighters and army personell are trying to find a way to curb the blaze, Petroleum Minister Murli Deora has dampned hopes by declaring that the most obvious thing to do is let the fuel burn. Jaipur, which is often called the 'Pink City' now burns in a red blaze and its fate remains in grey gloom.
   It all started in the IOC depot in Sitapura Industrial Estate, situated 15 kms from Jaipur, when fire broke out at around 6:30 pm on Thursday evening, followed by massive explosions. It is suspected that the cause was a leakage in one of the eleven tankers. Sources go on to say that the leakage might have been caused by a mild earthquake the last night, but things are yet to be confirmed. According to IOC officials, around 90 lakh litres of petrol, diesel and keresone were stored in the oil depot. Reportedly, 5 people have been killed, 6 are missing while 150 others injured. Murli Deora, the Union Petroleum minister has announced a compensation for the dead and injured. A High level committee has been formed to probe the cause of the incident. Around 5 lakh people have been displaced from around the area to prevent further casualties. But the losses at stake are huge, projected at around Rs. 300 crore.
   In a period when economic stability was just starting to appear, and was heading towards growth, the incident has been a huge blow to the Oil & Gas sector, which is one of the core sectors of any economy. Even an Arab would find the carpet taken from under his feet, if he saw his oil-well burn before his very eyes, while he remained helpless. In such situations, the phrase "Prevention is better than Cure" seems to be the only cue that we can take. It is hoped that in the times of rising gas-prices, 'stringent', not 'adequate' measures are taken in the future to see to it that such incidents do not scar, rather burn the hopes flourishing oil industries.
Copyright ©2009 Y.K.Campwala