ET reported that state-owned oil refiner Bharat Petroleum Corporation Ltd (BPCL) has written to the oil ministry proposing its integration with gas-transmission utility GAIL or upstream firm Oil India Ltd (OIL), petroleum minister Mr Dharmendra Pradhan said. Mr Pradhan said in a written reply in Rajya Sabha “Oil and Gas Public Sector Undertakings (PSUs) including Bharat Petroleum Corporation Limited (BPCL) had written to the Ministry in this regard. BPCL had written for integration with GAIL (India) Limited (GAIL) and Oil India Limited (OIL) as option 1 and 2 respectively. However, Government has not taken any decision in this regard.”
Finance Minister Mr Arun Jaitley in his Budget Speech of 2017-18 had expressed the government’s intention to strengthen Central Public Sector Enterprises (CPSEs) through consolidation, mergers and acquisitions saying that the possibilities of such restructuring were visible in the oil and gas sector. Under the proposal, the government intends to create an integrated public sector “Oil Major” which will be able to match the performance of international and domestic private sector oil and gas companies.
The Union cabinet had in July approved the sale of government’s entire 51.11 per cent stake in Hindustan Petroleum Corporation Ltd (HPCL) to Oil and Natural Gas Corporation (ONGC) as part of its INR 72,500-crore disinvestment target for the current fiscal, 2017-18. Read More…
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