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MUMBAI: A task force set up by Indian Oil Corporation and Oil and Natural Gas Corporation is examining the prospects of the two companies working together in five key areas. These are exploration & production; refining & marketing; research & development/consultancy services; petrochemicals; and power.
The team will decide which of these areas require immediate attention by IOC and ONGC. The final report is expected to be submitted during the next 10 days after which some important decisions on working together will be taken. Sources said that exploration & production as also refining & marketing will be given top priority in terms of joint participation while in the case of the other fields, there could be a wait-and-watch attitude. It may be recalled that IOC and ONGC had also recently entered into a 10 per cent equity crossholding indicating their intentions to work together more closely in the future. Once the Government also announces its intention to privatise the two oil PSUs, there is everylikelihood of a merger happening in the future.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
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