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ONGC, Gail and IOC free to sell holdings in each other: Naik
Mumbai, Oct 10: Petroleum ministry today said ONGC, Gail and IOC were free to sell their holdings in each other and the government would not object to it.
Mumbai, Oct 10: Petroleum ministry today said ONGC, Gail and IOC were free to sell their holdings in each other and the government would not object to it.
"If the petroleum companies want to sell their stake in each other they are free to do so. Government does not come between such decisions," the Minister for Petroleum and Natural Gas, Ram Naik told reporters here.
On differential pricing, Naik said that there was no proposal before his ministry for introduction of a different pricing regime of petroleum products for coastal and interior areas. "Such a move would affect the industry as there cannot be different prices for different regions", he added.
On HPCL-BPCL divestment issue, Naik said that the government was simultaneously exploring three options which include going to Parliament as directed by the Supreme Court.
Since the government did not have a majority in the Rajya Sabha, law minister Arun Jaitley, disinvestment minister Arun Shourie and health minister Sushma Swaraj have been entrusted with the job to create a consensus for it.
The government could file a review petition in the Supreme Court, he said, adding that the disinvestment ministry was also looking at the divestment of IOC to garner the required Rs 10,000-12,000 crore.
On IOC's suggestion to off-load 20 per cent equity, Naik said that he did not receive any written proposal and therefore could not comment on it.
Seeking to allay fears that LNG would be costlier than other fuels, he said "LNG would be certainly cheaper than the present fuels".
Bureau Report
On differential pricing, Naik said that there was no proposal before his ministry for introduction of a different pricing regime of petroleum products for coastal and interior areas. "Such a move would affect the industry as there cannot be different prices for different regions", he added.
On HPCL-BPCL divestment issue, Naik said that the government was simultaneously exploring three options which include going to Parliament as directed by the Supreme Court.
Since the government did not have a majority in the Rajya Sabha, law minister Arun Jaitley, disinvestment minister Arun Shourie and health minister Sushma Swaraj have been entrusted with the job to create a consensus for it.
The government could file a review petition in the Supreme Court, he said, adding that the disinvestment ministry was also looking at the divestment of IOC to garner the required Rs 10,000-12,000 crore.
On IOC's suggestion to off-load 20 per cent equity, Naik said that he did not receive any written proposal and therefore could not comment on it.
Seeking to allay fears that LNG would be costlier than other fuels, he said "LNG would be certainly cheaper than the present fuels".
Bureau Report