IOC seeks level-playing field for PSUs

IOC seeks level-playing field for PSUs
PRESS TRUST OF INDIA

New Delhi, December 3: State-owned oil giant Indian Oil Corporation (IOC) has asked the centre to ensure a level-playing field for the public sector oil companies vis-a-vis the private sector and set up an empowered standing committee (ESC) for expeditious approval of projects abroad.

In a presentation to the petroleum minister Ram Naik last week, the corporation said as a single window clearance system, ESC was necessitated for oil companies to aggressively prospect and acquire oil equity abroad.

IOC has also joined another state-owned Oil and Natural Gas Corporation (ONGC) for jointly bidding for overseas exploration and production projects, said a senior IOC officials.

IOC said 60 per cent of its networth should be allowed for investments in formation of joint ventures (JVs) as per the company law provisions and the navratna power. IOC is presently allowed to use only 15 per cent of its networth for investments in JVs.

Planning an investment of about Rs 80,000 crore both for planned and non-plannedprojects over the next eight years, IOC is aiming to become a major, diversified, transnational, integrated, energy company to compete with global oil majors like Mobil-Exxon and BP-Amoco-Arco in the decontrolled oil scenario from 2002.