Finance Minister in his Budget speech proposed 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, without giving out finer details.
Globally, firms like Exxon Mobil, Royal Dutch Shell and BP Plc have integrated operations across upstream, and downstream unlike India, where ONGC, OIL and GAIL are majorly concentrated in upstream while HPCL, BPCL and Indian Oil are focussed on downstream operations of refining and marketing.
Welcoming the budget proposal, oil minister Dharmendra Pradhan said, “Creation of an integrated public sector ‘oil major’ to integrate the oil sector PSUs across the value chain and to enhance capacity of Oil PSUs to bear higher risks, avail economies of scale, take higher investment decisions and create more value for the stakeholders.” Read More…
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