The Hindu : National : Reform panel on oil firms approved

Online edition of India's National Newspaper
Monday, Jan 17, 2005

National

National

Reform panel on oil firms approved

NEW DELHI, JAN. 16. The Government today said an advisory panel to suggest restructuring of public sector oil firms has been approved and its first meeting would be held on January 24.

The six-member committee on Synergy in Energy will be headed by the National Advisory Council member, V. Krishnamurthy, and it will look at options of merging two or more companies to create oil behemoths that have financial capabilities to match Chinese firms, the Petroleum and Natural Gas Minister, Mani Shankar Aiyar, told reporters on the sidelines of `Petrotech 2005' here.

Mr. Aiyar said the committee has been given two months to submit the report.

The options are to merge all oil PSUs into one mega firm or create two oil behemoths by merging the Hindustan Petroleum Corporation Limited and the Bharat Petroleum Corporation Limited with the Oil and Natural Gas Corporation, and the Oil India Limited with the Indian Oil Corporation. Another option would be to keep the oil companies as they are but devise a management structure which coordinates PSU efforts, he said. Merging all oil PSUs will create a big company which will get 34th position on the Fortune 500 list of global majors.

— PTI

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