Petroleum: Why two governments ruled against mega merger

Petroleum: Why two governments ruled against mega merger

In the Budget for 2017-18, Finance Minister Arun Jaitley said the governments proposes to create an integrated public sector oil major which would be able to match the performance of international and domestic private sector oil and gas companies.

That’s something two previous governments have taken a look at twice in the last 25 years. At the start of the UPA’s term in 2004-05, Mani Shankar Aiyar, the then petroleum minister, approved the setting up of a committee headed by former steel secretary and BHEL chairman, V Krishnamurthy, to take a broad look at the energy sector and to recommend an appropriate structure for India’s state-owned companies engaged in both refining and exploration.

The committee had as its members two former petroleum secretaries, G V Ramakrishna and Vijay Kelkar, the former ONGC chairman, B C Bora, the former chief of Bharat Petroleum, U Sundararajan, and the former finance secretary G K Arora. Read More…

Credit By: Indian Express

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