The oil ministry has directed state oil firms to prepare a roadmap for creating integrated firms. Oil secretary Kapil Dev Tripathi held a short meeting with the chairmen of state oil firms last week and asked them to submit their respective plans for integration within weeks, according to the people present in the meeting.
Top executives of Oil and Natural Gas Corporation (ONGC), Oil India, Indian Oil Corporation (IOC), Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL) and GAIL attended.
In their plan, companies have to indicate who they will prefer to combine with and what kind of synergy that will bring, a person privy to the meeting said.
The ministry has undertaken this exercise as a follow up to finance minister Arun Jaitley’s budget speech where he announced the government’s intent of restructuring state oil firms to create an integrated oil major. Read More…
Credit By : Energy.economictimes.indiatimes.com
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