Indian refiner BPCL prepared to integrate with GAIL, Oil India
12/20/2017 7:47:46 AM
NEW DELHI (Reuters) — State refiner Bharat Petroleum Corp has written to the oil ministry for integration with GAIL (India) Ltd and Oil India Ltd as option 1 and 2, said oil minister Dharmendra Pradhan on Wednesday.
Photo courtesy of Reuters.
The government has not taken any decision in this regard, Pradhan told lawmakers in a written reply.
India wants to build bigger oil companies to better compete with global oil giants and withstand oil price volatility through integration of state-run oil firms.
The government has approved sale of its 51.1% stake in refiner Hindustan Petroleum Corp to oil producer Oil and Natural Gas Corp.
Reporting by Nidhi Verma
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