The Prime Minister’s Office is apparently unhappy with the slow pace of movement on the proposed amalgamation of the state-run refiner Hindustan Petroleum Corp Ltd with the giant oil explorer Oil and Natural Gas Corp, a move towards the government’s ambition to create a giant energy PSU of the global scale.
The PMO, however, is firm on merging the two oil companies, ET Now reported on Thursday citing an unnamed oil ministry official. Further, in order to move ahead with the plan, the government will likely secure the Union Cabinet approval for the proposed merger by mid-August, the report said. HPCL shares rose on the news, and were trading up 1.22% at Rs 519. Read More…
Credit By : The Financial Express
Latest posts by The Financial Express (see all)
- Mathura Refinery Revamps Units Ahead Of BS-VI Fuel Rollout – January 10, 2018
- Indian Railways Status: 22 Trains Cancelled, 40 Running Late Due To Low Visibility In Northern Region – January 10, 2018
- From Bharatmala, Sagarmala to Railways, in 2018, Assets Recycling Critical For Infrastructure Growth – January 1, 2018