Mergers of big oil companies will allow them to bid for international asets and absorb fluctuations in fuel prices, according to Utpal Bora, CMD, Oil India. He told this to ET Now during an interview.
ET Now: There are a lot of buzz around IOC-Oil India merger. Do you have any indication about that so far?
Utpal Bora: Regarding the merger, I really do not have any information. There is no official communication till date.
ET Now: Tell us about the sector per se. ONGC and HPCL are likely to merge. Could you tell us if this kind of consolidation is going to be the theme going forward? Do you see the sector headed in that direction or not?
Utpal Bora: The initial positive for merger ONGC and HPCL has already taken place. HPCL is into refining and ONGC is an upstream company having its own refinery. The refinery of ONGC-MRPL is going to get merged with the other refineries of HPCL so that way both the companies will be in a win-win situation. Read More…