IOC chief welcomes proposal to merge oilcos into energy behemoth


IOC chief welcomes proposal to merge oilcos into energy behemoth

The chairman of the country’s largest oil marketing firm believes that the government’s Budget proposal to merge all state-owned energy firms into a consolidated giant will help them enhance their position in the international market. “The proposal of merging oil companies into one big public sector undertaking (PSU) is a welcome move, though it may not be an easy task,” said IOC chief B Ashok.

He said that integration across the value chain will bring stability to the industry and mergers can lead to creation of a world-scale company.

“The oil and gas industry is highly volatile, prices are fluctuating and integration can help absorb this volatility better,” he said. Read More…

Credit By : Money Control

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