230 lines
7.1 KiB
Plaintext
230 lines
7.1 KiB
Plaintext
1
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00:00:04,319 --> 00:00:12,000
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(Phone Ringing.)
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2
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00:00:12,000 --> 00:00:14,815
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Manoj: <i>Haan</i> boss!
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Niira: Manoj.
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Manoj: Hmm!
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3
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00:00:14,815 --> 00:00:21,983
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Niira: Manoj just explain the MOU. You are on speaker phone. Just explain the MOU.
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Manoj: Hmm!
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4
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00:00:21,983 --> 00:00:25,568
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Niira: The MOU had no price on it right?
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Manoj: Yes.
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5
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00:00:25,568 --> 00:00:32,992
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Niira: NTPC's price was determined by NTPC or NTPC... Explain the sequence of events.
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6
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00:00:32,992 --> 00:00:49,376
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Manoj: The MOU says that the price of gas for the 28 MMSCMD - the terms of supply of gas for 28 MMSCMD should be no less favourable than NTPC terms.
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7
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00:00:49,376 --> 00:00:55,008
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Niira: Ok.
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Manoj: Yeah?
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Niira: Who determined the NTPC price?
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8
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00:00:55,008 --> 00:01:04,992
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Manoj: The NTPC price was a global bid that was called for by NTPC, and we had proposed the price of 2.34.
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9
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00:01:04,992 --> 00:01:07,296
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Niira: We had proposed the price of 2.34?
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10
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00:01:07,296 --> 00:01:16,512
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Manoj: Yes. Post which there was a LOI that was issued to us confirming that they would like to appoint us as the supplier of gas.
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11
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00:01:16,512 --> 00:01:24,192
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Manoj: When the LOI went into a formal agreement, the draft of the agreement had a clause.
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12
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00:01:24,192 --> 00:01:32,384
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Niira: Uh huh!
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Manoj: Which said that we are liable for unlimited liabilities in case of non supply of gas.
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13
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00:01:32,384 --> 00:01:45,952
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Niira: Uh huh!
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Manoj: Therefore we said that we will not sign such an agreement because we can't be open to paying unlimited liabilities, you should have a cap on the liabilities.
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14
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00:01:45,952 --> 00:01:54,912
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Niira: Right. So the price of...
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Manoj: Then NTPC drags us to court saying that we are not honouring an agreement. We said we have not signed an agreement.
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15
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00:01:54,912 --> 00:02:02,592
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Manoj: They said that an LOI is as good as an agreement, therefore you are liable to supply the gas at 2.34.
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16
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00:02:02,592 --> 00:02:06,176
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Niira: Uhuh!
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Manoj: That is what is being fought in the courts today.
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17
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00:02:06,176 --> 00:02:15,391
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Manoj: However our claim has been, in the draft agreement which was sent by NTPC to us, there was a clause which said that subject to government approval.
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18
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00:02:15,391 --> 00:02:21,279
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Manoj: Which is what we replicated in the RNRL DSPA also.
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19
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00:02:21,279 --> 00:02:27,935
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Niira: That also said subject to government approval, right?
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Manoj: Yeah, because the same agreement was replicated for RNRL.
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20
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00:02:27,935 --> 00:02:31,263
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Niira: And the High court chief justice has ignored that, is it?
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21
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00:02:31,263 --> 00:02:47,647
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Manoj: No, he has said that there is no clause in the production sharing contract with the government which restricts us from selling gas at a lower price than what the government approved price is.
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22
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00:02:47,647 --> 00:02:53,279
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Niira: Is that true?
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Manoj: That is what the judge's understanding of the case is.
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23
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00:02:53,279 --> 00:03:04,543
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Manoj: See, the judge is just relying on the fact that when he asked Harish Salve, do you make profits at 2.34, Harish Salve said, I do make profits at 2.34.
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24
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00:03:04,543 --> 00:03:20,671
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Niira: Hmm!
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Manoj: See the point is at any price of the gas I make profit because these production sharing contract says that I first... I will have to recover all my investments...
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25
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00:03:20,671 --> 00:03:31,935
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Niira: Yeah!
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Manoj: Till then only 10% of the revenue goes to the government. Till I recover two and a half times my investments 28% goes to the government.
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26
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00:03:31,935 --> 00:03:39,615
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Manoj: Post that 85% goes to the government. So at any price, I will still make profit over a period of time.
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27
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00:03:40,127 --> 00:03:54,975
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Niira: Uh huh!
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Manoj: Now the judge obviously has not understood this and has gone by the stated submission of Harish Salve saying that I make profit at 2.34. Even at one cent I may make profit.
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28
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00:03:54,975 --> 00:04:05,983
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Niira: Uhuh! Right. Now tell me one thing Manoj, given that the NTPC outcome is still pending and given that it was subject to government approval.
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29
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00:04:05,983 --> 00:04:10,847
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Manoj: Hmm!
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Niira: What is the position as far as NTPC is concerned?
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30
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00:04:10,847 --> 00:04:17,247
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Manoj: NTPC, we are still in court. The case that is being fought is for unlimited and limited liabilities.
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31
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00:04:17,247 --> 00:04:28,768
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Niira: Uh huh!
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Manoj: And we have now... And we actually want to now... You know we have taken a position which says that, you know, everything is subject to government approval.
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32
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00:04:28,768 --> 00:04:36,191
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Manoj: So therefore NTPC also the price has to be 4.2 since it is subject to government approval.
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33
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00:04:36,191 --> 00:04:39,264
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Niira: Uh huh!
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Manoj: So that is where we are.
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34
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00:04:39,264 --> 00:04:42,079
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Niira: No the PSC what you are saying...
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Manoj: Hmm!
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35
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00:04:42,079 --> 00:04:48,223
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Niira: In the case does it say... Where he says that it doesn't say you have to take government approval, does it say so?
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36
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00:04:48,223 --> 00:04:59,231
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Manoj: The PSC actually has got three clauses. 21.6.1, 21.6.2, 21.6.3.
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Niira: Uh huh!
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37
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00:04:59,231 --> 00:05:06,911
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Manoj: What was argued time and again is that, our version is that all three require government approval.
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38
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00:05:06,911 --> 00:05:17,407
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Manoj: Their version is that we are allowed to... We have allowed the freedom of marketing gas and therefore what the government share is that will be valued at 4.2.
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39
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00:05:17,407 --> 00:05:23,552
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Manoj: We are free to sell the gas at whatever the prices, that we agree to with our customers.
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40
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00:05:23,552 --> 00:05:30,463
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Niira: That is their...
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Manoj: Where as...That is their position. Our position is that there is no difference between value and price. Valuation and price.
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41
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00:05:30,463 --> 00:05:37,888
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Manoj: All sale of gas has to be at 4.2.
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Niira: Right.
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42
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00:05:37,888 --> 00:05:44,031
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Manoj: Hmm!
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Niira: Did you manage to speak to Raja after that last night?
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43
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00:05:44,031 --> 00:05:54,272
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Manoj: No, no. I mean I briefly spoke to him to confirm whether I can issue that statement or whether I need to take any further approval. He said, no, no. You issue the statement, that's it.
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44
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00:05:54,272 --> 00:06:00,928
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Niira: The MOU that had been between Mukesh and Anil.
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Manoj: Hmm!
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45
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00:06:00,928 --> 00:06:13,216
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Niira: Did that have subject to government approval?
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Manoj: It had on NTPC terms. It did not say... MOU... One minute.
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46
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00:06:13,216 --> 00:06:17,567
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Niira: And it didn't say 2.34 either?
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Manoj: No it didn't say 2.34.
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47
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00:06:22,432 --> 00:06:29,600
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Niira: Is RIL and NTPC fighting on price?
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Manoj: No their case is on unlimited and limited liability.
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48
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00:06:29,600 --> 00:06:41,376
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Niira: Then RIL has accepted 2.34 right?
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Manoj: That is RIL's price only. It was a price that RIL submitted in a global bid.
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49
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00:06:41,376 --> 00:06:48,520
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Niira: Uh huh! Had they officially retracted that price Manoj?
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50
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00:06:48,520 --> 00:06:48,520
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Manoj: No they have not officially retracted that price. I don't think that they have officially retracted that price.
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(Tape ends)
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