• Wednesday, October 05, 2022

Business

India plans oil behemoth to take on global giants

ONGC make a gas find in Krishna Godavari

By: Eastern Eye Staff

India plans to merge some of the 13 state oil firms to create an energy behemoth that can rival global giants like BP and Chevron to help meet the energy needs of the world’s third largest oil consumer. More than 12 years after a proposal to merge oil PSUs was first mooted by the then Oil Minister Mani Shankar Aiyar, finance minister Arun Jaitley in his Budget for 2017-18 proposed to “create an integrated public sector ‘oil major’ which will be able to match the performance of international and domestic private sector oil and gas companies.” There are 13 oil…

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