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India mulls guarantee pact with pvt cos entering oil marketing
The Indian government is planning on asking for a guarantee from private firms that wish to market oil products after April 1, 2001, that they will invest 20 billion rupees in the hydrocarbon sector, excluding retail outlets, within the next 10 years.
The Indian government is planning on asking for a guarantee from private firms that wish to market oil products after April 1, 2001, that they will invest 20 billion rupees in the hydrocarbon sector, excluding retail outlets, within the next 10 years.
The government would, based on the guarantee, provide conditional license
to private oil companies to market transportation fuels, a senior government
official said.
The investment norm of 20 billion rupees in the hydrocarbon sector by oil
companies is part of the Hydrocarbon Vision 2025 document which stipulates that
only those firms that have invested in the hydrocarbon sector would be eligible
to market oil products after deregulation of the industry on April 1.
Deregulation of the oil sector would allow private oil companies to market
fuels like petrol, diesel, liquefied petroleum gas and kerosene, the rates for
which are currently administered by the government.
Bureau Report