INDIA HYDROCARBON VISION -2025

INTRODUCTION The hydrocarbons sector p ays !"ta ro e "n the econo#"c $ro%th o& the co'ntry( It "s necessary to ha!e a Ion$ter# po "cy &or the hydrocarbons sector) %h"ch %o' d &ac" "tate #eet"n$ the &'t're needs o& the co'ntry( The Hydrocarbons V"s"on - 2025 ays do%n the &ra#e%or* %h"ch %o' d $'"de the po "c"es re at"n$ to the hydrocarbons sector &or the ne+t 25 years( Iss'es s'ch as ener$y sec'r"ty) 'se o& a ternat"!e &'e s) "nterchan$eab" "ty o& techno o$y are !"ta to ens're that the #"+ o& ener$y so'rces 'sed "n the econo#y "s opt"#a and s'sta"nab e and that ade,'ate ,'ant"t"es o& econo#"ca y pr"ced c ean and $reen &'e s are #ade a!a" ab e to the Ind"an cons'#ers( The est"#ated ener$y s'pp y #"+ "n Ind"a &or a per"od 'p to 2025 "s $"!en at Anne+'re-I( O" and $as cont"n'e to p ay a pre-e#"nent ro e "n #eet"n$ the ener$y re,'"re#ents o& the co'ntry -5. o& the tota ener$y needs %o' d be #et by the o" and $as sector) tho'$h so#e a#o'nt o& "nterchan$e bet%een o" and $as "s &oreseen( /(/ The c'rrent e!e s o& per cap"ta ener$y cons'#pt"on "n Ind"a are e+tre#e y o% as co#pare to the rest o& the %or d( In ter#s o& co#par"son %"th the de!e oped co'ntr"es) the d"&&erent"a s are e!en #ore #ar*ed( The co#parat"!e &"$'res o& per cap"ta ener$y cons'#pt"on &or Ind"a and rest o& the %or d are "n Anne+'re-II( 0ro%th o& the econo#y %o' d ead a'to#at"ca y to $ro%th "n ener$y cons'#pt"on) as there "s a d"rect corre at"on bet%een the 0D1 and ener$y cons'#pt"on( The per cap"ta cons'#pt"on o& pr"#ary ener$y and hydrocarbons 2Anne+'re-III3 re!ea s that Ind"a "s a#on$st the o%est "n

cons'#pt"on o& hydrocarbon "n ter#s o& *" o$ra#s o& o" e,'"!a ent( V"e%ed &ro# a an$ es) there&ore) the hydrocarbon sector "s #ost cr'c"a &or deter#"n"n$ the ener$y) sec'r"ty &or the co'ntry( /(2 The presence o& the 1'b "c Sector 4nderta*"n$s 21S4s3 "n e+p orat"on) prod'ct"on and #ar*et"n$ o& petro e'# prod'cts has been pre-do#"nant "n the ast &o'r decades( The o" sector 1S4s stand o't "n per&or#ance both "n ter#s o& operat"ona e&&"c"enc"es and pro&"tab" "ty a#on$st a the 1S4s "n Ind"a( Th"s pre-e#"nence o& the 1S4s "n the o" sector "s a #atter o& pr"de( /(5 The V"s"on( 2025 &or the hydrocarbon sector has been prepared ta*"n$ "nto acco'nt the abo!e bac*$ro'nd( The act"on re,'"red to be ta*en "n the #ed"'# ter# 25 to 5 years3 and "n the on$ ter# 2beyond 5 years3 to rea "se the V"s"on has a so been bro'$ht o't "n th"s Report( 2. Hydrocarbons Vision - 2025 6To ass're energy sec'r"ty by ach"e!"n$ se &-re "ance thro'$h "ncreased "nd"$eno's prod'ct"on and "n!est#ent "n e,'"ty o" abroad( 6To enhance quality o& "&e by pro$ress"!e y "#pro!"n$ prod'ct standards to ens're a c eaner and $reener Ind"a( ( 6( To de!e op hydrocarbon sector as a $ oba y co#pet"t"!e "nd'stry %h"ch co' d be bench#ar*ed a$a"nst the best "n the %or d thro'$h techno o$y 'p$radat"on and capac"ty b'" d"n$ "n a &acets o& the "nd'stry(

6 To ha!e a &ree #ar*et and pro#ote hea thy co#pet"t"on a#on$ p ayers and "#pro!e the c'sto#er ser!"ce( 6 To( ens're o" sec'r"ty &or the co'ntry *eep"n$ "n !"e% strate$"c and de&ence cons"derat"ons( ( 3. Explora ion and !rod"c ion #$c or The $ap bet%een s'pp y and a!a" ab" "ty o& cr'de o" ) petro e'# prod'cts as %e as $as &ro# "nd"$eno's so'rces "s "*e y to "ncrease o!er the years %&nn$x"r$-IV'( The $ro%"n$ de#and and s'pp y $ap %o' d re,'"re "ncreas"n$ e#phas"s to be $"!en to the e+p orat"on and prod'ct"on sector( The ob7ect"!es o& the e+p orat"on po "cy %o' d be as &o o%s83.( Ob)$c i*$s a3 To 'nderta*e a tota appra"sa o& Ind"an sed"#entary bas"ns &or tapp"n$ the hydrocarbon potent"a and to opt"#"se prod'ct"on o& cr'de o" and nat'ra $as "n the #ost e&&"c"ent #anner so as to ha!e Reser!e Rep ace#ent Rat"o o& #ore than /( b3 To *eep pace %"th techno o$"ca ad!ance#ent and app "cat"on and be at the techno o$"ca &ore&ront "n the $ oba e+p orat"on and prod'ct"on "nd'stry( c3 To ach"e!e as near as 9ero "#pact) as poss"b e) on en!"ron#ent( 5(2 To ach"e!e the abo!e ob7ect"!es the &o o%"n$ act"ons are re,'"red to be ta*en( 3.3 +$di", $r,

""3 A$$ress"!e y p'rs'e e+tens"!e e+p orat"on "n non-prod'c"n$ and &ront"er bas"ns &or *no% ed$e b'" d"n$: and ne% d"sco!er"es) "nc 'd"n$ "n deepsea o&&shore areas( """3 ;"na "se a pro$ra##e &or appra"sa o& the Ind"an sed"#entary bas"ns to the e+tent o& 25. by 2005) 50. by 20/0) <5. by 20/5 and /00. by 2025( S'&&"c"ent reso'rces to be #ade a!a" ab e &or appra"s"n$ the 'ne+p ored=party e+p ored acrea$es thro'$h O" "nd'stry De!e op#ent Board 2OIDB3 cess and other "nno!at"!e reso'rce #ob" "sat"on approaches "nc 'd"n$ d"s"n!est#ent and pr"!at"sat"on( "!3 1ro!"de "nternat"ona y co#pet"t"!e &"sca ter#s) *eep"n$ "n !"e% the re at"!e prospect"!"ty percept"on o& Ind"an bas"ns) "n order to attract #a7or o" and $as co#pan"es and thro'$h e+ped"t"o's e!a 'at"on o& b"ds and a%ard o& contracts on a t"#e bo'nd bas"s( !3 Opt"#"se reco!ery &ro# d"sco!ered= &'t're &"e ds( !"3 I#pro!e arch"!a pract"ces &or data #ana$e#ent ( !""3 Cont"n'e techno o$y ac,'"s"t"on and absorpt"on a on$ %"th de!e op#ent o& "nd"$eno's Research > De!e op#ent 2R>D3( !"""3 ?ns're ade,'acy o& &"nances &or R>D re,'"red &or b'" d"n$ *no% ed$e "n&rastr'ct're( "+3 @a*e ?+p orat"on and 1rod'ct"on( 2?>13 operat"ons co#pat"b e %"th the en!"ron#ent and red'ce d"schar$es and e#"ss"ons( +3 S'pport R>D e&&orts to red'ce ad!erse "#pact on en!"ron#ent( +"3 Ac,'"re acrea$es abroad &or e+p orat"on as %e as prod'ct"on( 3.- .on/ $r,

"3 Cont"n'e e+p orat"on "n prod'c"n$ bas"ns(

"3 /00. e+p orat"on co!era$e o& the Ind"an sed"#entary bas"ns by 2025( ""3 Aeap&ro$ to techno o$"ca s'per"or"ty( """3 1't "n p ace abandon#ent pract"ces to restore the or"$"na base "ne( "!3 Conser!e reso'rces and adopt c ean techno o$"es( -. Ex $rnal policy 0 Oil #$c"ri y -.( Ob)$c i*$s S'pp e#ent do#est"c a!a" ab" "ty o& o" %"th a !"e% to pro!"de ade,'ate) stab e) ass'red and cost e&&ect"!e hydrocarbon ener$y to the Ind"an econo#y( -(2 To ach"e!e the abo!e ob7ect"!e the &o o%"n$ act"ons are re,'"red to be ta*en( -.3 +$di", $r, "3 1't "n p ace a co#prehens"!e po "cy to "nc 'de tota dere$' at"on o& o!erseas ?>1 b's"ness and e#po%er"n$ the# to co#pete %"th "nternat"ona o" co#pan"es %"th pro!"s"on o& &"sca and ta+ bene&"ts( ""3 ?!o !e a #echan"s# to e!era$e Ind"a:s BB'yer 1o%erC to obta"n ,'a "ty ?>1 pro7ects abroad( """3 Ha!e &oc'ssed approach &or ?>1 pro7ects and b'" d stron$ re at"ons "n &oc's co'ntr"es %"th h"$h attract"!eness "*e R'ss"a) Ira,) Iran and North A&r"can co'ntr"es( 5. Na "ral 1as. Nat'ra $as "s e#er$"n$ as the pre&erred &'e o& the &'t're "n !"e% o& "t be"n$ an en!"ron#enta &r"end y econo#"ca y attract"!e &'e and a so a des"rab e &eedstoc*( Increased &oc's needs to be $"!en to th"s potent"a sector(

5.( Ob)$c i*$s a3 To enco'ra$e 'se o& nat'ra $as) %h"ch "s re at"!e y a c ean &'e ( b3 To ens're ade,'ate a!a" ab" "ty by a #"+ o& do#est"c $as "#ports thro'$h p"pe "nes and "#port o& AN0( c3 To tap 'ncon!ent"ona so'rces o& nat'ra $as "*e coa bed #ethane) nat'ra $as hydrates) 'nder$ro'nd coa $ass"&"cat"on etc( 5(2 To ach"e!e the abo!e ob7ect"!es the &o o%"n$ act"ons are re,'"red to be ta*en( 5.3 +$di", $r, "3 T"#e y and cont"n'o's re!"e% o& $as de#and and s'pp y opt"ons to &ac" "tate po "cy "nter!ent"ons( ""3 1'rs'"n$ d"p o#at"c and po "t"ca "n"t"at"!es &or "#port o& $as &ro# ne"$hbo'r"n$ and other co'ntr"es %"th e#phas"s on transnat"ona $as p"pe "nes( """3 ?+ped"t"n$ sett"n$ 'p o& a re$' atory &ra#e%or*( "!3 I#port AN0 to s'pp e#ent the do#est"c $as a!a" ab" "ty and enco'ra$e do#est"c co#pan"es to part"c"pate "n the AN0 cha"n( !3 1ro!"de a e!e p ay"n$ &"e d &or a the $as p ayers and ens're reasonab e transportat"on tar"&&s( ( !"3 Rat"ona "se c'sto#s d'ty on AN0 and AN0 pro7ects( !""3 1't "n p ace an e&&ect"!e or$an"sat"ona str'ct're) %h"ch %o' d &ac" "tate pro$ress "n the Nat"ona 0as Hydrates 1ro$ra##e( !"""3 Opert"ona "se the Coa Bed @ethane 1o "cy %"th a t"#e bo'nd pro$ra##e( "+3 ;or#' ate Nat"ona 1o "cy on 4nder$ro'nd Coa 0ass"&"cat"on "n a t"#e bo'nd #anner(

+3 Increase R>D e&&orts on con!ers"on o& $as to ",'"ds(

so#e prod'cts "n certa"n re#ote areas) Eh"ch are to be "dent"&"ed and re!"e%ed &ro# t"#e to t"#e( F(2 To ach"e!e the abo!e ob7ect"!es) the &o o%"n$ act"on "s re,'"red to be ta*en82.3 +$di", $r, "3 0rant operat"ona & e+"b" "ty to re&"ner"es "n cr'de so'rc"n$ and "n respect o& r"s* #ana$e#ent thro'$h hed$"n$( ""3 Set o't a t"#etab e &or ach"e!"n$ prod'ct ,'a "ty nor#s to con&or# to c eaner en!"ron#enta standards and to $ oba standards by 20/0( """3 ;or#' ate a c ear stab e on$-ter# &"sca po "cy to &ac" "tate "n!est#ent "n re&"n"n$) p"pe "ne and #ar*et"n$ "n&rastr'ct're( "!3 0rant &' operat"ona &reedo# to e+"st"n$ 1S4s to estab "sh and #a"nta"n #ar*et"n$ net%or*s and a o%"n$ entry o& ne% p ayers "nto the #ar*et"n$ sector thro'$h a transparent and c ear entry cr"ter"a and pro!"de a e!e p ay"n$ &"e d &or ne% entrants( !3 @a*e #ar*et"n$ r"$hts &or transportat"on &'e s cond"t"ona to a co#pany "n!est"n$ or propos"n$ to "n!est Rs(2000 crores "n ?>1) re&"n"n$) p"pe "nes or ter#"na s( S'ch "n!est#ent sho' d be to%ards add"t"ona "ty o& assets and "n the &or# o& e,'"ty) e,'"ty "*e "nstr'#ents or debt %"th reco'rse to the co#pany( !"3 Set 'p #echan"s#s to enab e ne% entrants to estab "sh o%n d"str"b't"on net%or*s &or #ar*et"n$ %"tho't encroach"n$ on the reta" net%or*s o& e+"st"n$ #ar*et"n$ co#pan"es( !""3 Set 'p a co##on re$' atory #echan"s# &or do%nstrea# sector and nat'ra $as(

5.- .on/ $r, "3 Re!"e% o& AN0 opt"on "n the "$ht o& econo#"c) po "t"ca and ener$y sec'r"ty cons"derat"ons( ""3 ?+p o"t the $as hydrates reser!es( """3 1rod'ce $as &ro# Coa Bed @ethane and thro'$h 4nder$ro'nd Coa 0ass"&"cat"on( "!3 Co##erc"a "9e the prod'ct"on and 'se o& a ternate &'e s "*e D"-@ethy ?ther and 'se o& ;'e Ce s thro'$h "ncreased R>1 e&&orts( 2. R$3inin/ 0 +ar4$ in/ Th"s "s another "#portant sector and "ts de!e op#ent "s cr'c"a &or ha!"n$ se &s'&&"c"ency "n petro e'# prod'cts and "n #o!"n$ to%ards a cons'#er or"ented co#pet"t"!e #ar*et( 2.( Ob)$c i*$s a3 To #a"nta"n aro'nd D0. se &s'&&"c"ency o& #"dd e d"st" ates "n the sector %"th an appropr"ate #"+ o& nat"ona o" co#pan"es) &ore"$n p ayers and pr"!ate Ind"an p ayers( b3 To de!e op a $ oba y co#pet"t"!e "nd'stry( c3 To ha!e a &ree #ar*et and hea thy co#pet"t"on a#on$st p ayers( ( d3 To de!e op appropr"ate "n&rastr'ct're s'ch as ports) p"pe "nes etc( &or an e&&"c"ent hydrocarbons "nd'stry( e3 To "#pro!e c'sto#er ser!"ces thro'$h better reta" "n$ pract"ces( &3 To #a*e a!a" ab e 'n-ad' terated ,'a "ty prod'cts at reasonab e pr"ces( $3 To ach"e!e &ree pr"c"n$ &or prod'cts %h" e cont"n'"n$ s'bs"d"9ed pr"ces &or

V"""3 To ta*e 'p %"th the States &or a 'n"&or# State e!e ta+at"on on petro e'# prod'cts( "+3 1ro!"de &or e!e ta+ rates &or do#est"c prod'cts !"s-a-!"s "#ported prod'cts( +3 Increase the ce" "n$ o& ;ore"$n D"rect In!est#ent 2;DI3 "n re&"n"n$ sector &ro# the present e!e o& -D. to /00.( +"3 1ro!"de a e!e p ay"n$ &"e d a#on$ a #ar*et part"c"pants( 2.- .on/ $r, "3 De!e op an opt"#a transportat"on #"+ *eep"n$ "n !"e% the e+"st"n$ ra" and port "n&rastr'ct're( ""3 De!e op a po "cy &or enco'ra$e#ent o& transportat"on o& cr'de thro'$h Ind"an & a$ !esse s( """3 De!e op a po "cy &or transportat"on o& AN0 pre&erab y thro'$h Ind"an & a$ !esse s( "!3 1ro!"de &or #ass"!e capac"ty e+pans"on o& the re&"n"n$ and #ar*et"n$ "n&rastr'ct're to be ta*en 'p( The tota "n!est#ent "n re&"n"n$ sector 'pto 2025 "s est"#ated at Rs(2) 50)000 crores %h" e the sa#e &or the #ar*et"n$ "n&rastr'ct're "s est"#ated at Rs(/) 55)000 crores( 5. Tari33 and !ricin/

d't"es %"th As"a - 1ac"&"c co'ntr"es and #o!"n$ the pr"ces to "nternat"ona e!e s( c3 To pro#ote ne% "n!est#ents) by ens'r"n$ ade,'ate protect"on to do#est"c prod'cers( d3 To re#o!e s'bs"d"es and cross s'bs"d"es to pro#ote e&&"c"ent and opt"#a 't" "sat"on o& scare reso'rces and a so to e "#"nate ad' terat"on( <(2 To ach"e!e the abo!e ob7ect"!es the &o o%"n$ act"ons are re,'"red to be ta*en( 5.3 +$di", $r, "3 1hase o't e+"st"n$ s'bs"d"es as ear y as poss"b e( ""3 Set 'p a 0ro'p o& ?+perts to deter#"ne appropr"ate e!e s o& tar"&&s and d't"es &or "ntrod'ct"on "n a phased #anner as ear y as poss"b e( """3 Trans&er &re"$ht s'bs"dy on s'pp "es to &ar & 'n$ areas and s'bs"d"es on prod'cts to &"sca B'd$et( Necess"ty &or concess"on "s to #a"nta"n the s'pp y "ne to h" y and re#ote areas) a&ter decontro o& #ar*et"n$( "!3 Increase "n*a$e o& cons'#er pr"ce o& nat'ra $as &ro# c'rrent e!e o& <5. &'e o" 2;O3 "#port par"ty to near /00.( 6. R$s r"c "rin/ and Disin*$s ,$n

A rat"ona tar"&& and pr"c"n$ po "cy "s !"ta to ens're hea thy $ro%th o& the hydrocarbon sector and to protect the cons'#ers as %e ( 5.( Ob)$c i*$s a3To pro!"de "ncent"!es &or c eaner) $reener and ,'a "ty &'e s to pro#ote en!"ron#ent &r"end y Hydrocarbon sector( b3 To ba ance the need to boost 0o!ern#ent re!en'e %"th need to a "$n

6.( Ob)$c i*$ The core ob7ect"!e o& "nd'str"a restr'ct'r"n$ "s to #a"nta"n on$-ter# pro&"tab" "ty and stren$then co#pet"t"!e ed$e o& the concerned co#pan"es "n the conte+t o& chan$es "n #ar*et &orces and a so to ens're that the cons'#ers bene&"t by the restr'ct'r"n$(

G(2 To ach"e!e the abo!e ob7ect"!es the &o o%"n$ act"ons are re,'"red to be ta*en( 6.3 +$di", $r, The &o o%"n$ se,'ence needs to be &o o%ed8"3 Anno'nce po "cy "n re$ard to spec"&"c p'b "c sector enterpr"ses "n a "$n#ent %"th the o!era d"s"n!est#ent po "cy o& the 0o!ern#ent( ""3 Co#p ete the "nterna restr'ct'r"n$ o& o" 1S4s) #a*"n$ &' 'se o& "n&or#at"on techno o$y( """3 I#p e#ent proposa s o& #er$ers and a "ances o& o" 1S4s %"th the ob7ect"!e o& enhanc"n$ shareho der !a 'e( "!3 D"s"n!est "n a phased #anner "n o" 1S4s do%n to appropr"ate e!e to rea "se best shareho der !a 'e( 7. Concl"sion The Hydrocarbon V"s"on art"c' ated "n th"s report has to be con!erted "nto pr"or"t"9ed act"on a$enda &or "#p e#entat"on "n the #ed"'# and on$ ter#( In br"e&) the #a"n thr'st o& the act"!"t"es %o' d be8a3 ;oc's on o" sec'r"ty thro'$h "ntens"&"cat"on o&) e+p orat"on e&&orts and ach"e!e#ent o& /00. co!era$e o& 'ne+p ored bas"ns "n a t"#e bo'nd #anner to enhance do#est"c a!a" ab" "ty o& o" and $as( b3 Sec're acrea$es "n "dent"&"ed co'ntr"es ha!"n$ h"$h attract"!eness &or ens'r"n$ s'sta"nab e on$ ter# s'pp "es( c3 1'rs'e pro7ects to #eet the de&"c"t "n de#and and s'pp y o& nat'ra $as) and &ac" "tate a!a" ab" "ty o& AN0(

d3 @a"nta"n ade,'ate e!e s o& se &s'&&"c"ency "n re&"n"n$ 2D0. o& cons'#pt"on o& #"dd e d"st" ates3( e3 ?stab "sh ade,'ate strate$"c stora$e o& cr'de and petro e'# prod'cts "n d"&&erent ocat"ons( &3 Create add"t"ona "n&rastr'ct're &or d"str"b't"on and #ar*et"n$ o& o" and $as( $3 Open 'p the hydrocarbon #ar*et so that there "s &ree and &a"r co#pet"t"on) bet%een p'b "c sector enterpr"ses) pr"!ate co#pan"es and other "nternat"ona p ayers( h3 Create a po "cy &ra#e%or* &or c eaner and $reener &'e s( "3 Ha!e a rat"ona tar"&& and pr"c"n$ po "cy) %h"ch %o' d ens're the cons'#er $ett"n$ the petro e'# prod'cts at the #ost reasonab e pr"ces and re,'"s"te ,'a "ty) e "#"nat"n$ ad' terat"on( 73 Anno'nce a on$-ter# &"sca po "cy to attract re,'"red "n!est#ents "n the hydrocarbon sector( *3 Restr'ct're the o" sector 1S4s %"th the ob7ect"!e o& enhanc"n$ shareho der !a 'e and d"s"n!est "n a phased #anner "n a the o" sector 1S4s( 3 To de!e op re$' atory and e$"s at"!e &ra#e%or* &or pro!"d"n$ o" =$as sec'r"ty :&or the co'ntry(

&nn$x"r$-I #8ar$ o3 3" "r$ $n$r/y s"pply in India %9' :$ar (775-76 200(-02 2002-05 20(0-(( 202--25 Coal 55 50 50 53 50 Oil 35 32 32 30 25 1as 5 (5 (5 (20 Hyd$l 2 2 2 2 2 N"cl$ar ( ( ( ( 3

So'rce8 4pto 20// &ro# Techn"ca Note on ?ner$y) 1 ann"n$ Co##"ss"on) 0o!t( o& Ind"a 2/DDG-DD3( Beyond th"s per"od the &"$'res ha!e been e+trapo ated( #8ar$ o3 8yd$l $n$r/y r$,ains cons an consid$rin/ 8$ plann$d capaci y addi ion "p o 20(2 and pro)$c $d a 8$ sa,$ l$*$l "p o 2025. &nn$x"r$-II !$r capi a En$r/y cons",p ion in ,inion onn$s o3 oil $;"i*al$n %+TOE' Co"n ry<R$/ion =orld India C8ina Nor 8 &,$rica E"rop$ >or,$r #o*i$ Union R$s o3 8$ =orld So'rce8 Br"t"sh 1etro e'# Stat"s"tcs-/DDG (765 (.5 0.2 0.2 5.6 3.( -.5 0.2 (775 (.5 0.3 0.5 2.3 3.( 3.2 0.5

&nn$x"r$-III

!$r capi a cons",p ion o3 En$r/y *is-?-*is Hydrocarbons %in @/ o3 oil $;"i*al$n ' H*dro-Carbons 725 ((3 (27 23( 60 2520 25(7 2537

Co"n ry<R$/ion =orld India C8ina !a4is an Aan/lad$s8 Bapan U.@. 1$r,any

!ri,ary En$r/y (-5265 266 226( 3722 3652 -(02

So'rce8 Br"t"sh 1etro e'#( Stat"st"cs - /DDG

&nn$x"r$-IV #"pply<D$,and-!$ rol$", !rod"c s %in ++T' D$,and D$,and %Ci 8 %Ci 8o" ,$$ in/ ,$$ in/ /as /as d$3ici ' d$3ici ' 7( ((( (-6 (75 326 (03 (36 (57D (75DD 326 Es i,a $d r$3inin/ capaci y 27 (27 (25 (6356 Es i,a $d cr"d$ r$;"ir$,$n 27 (22 (53 (70 32-

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