Govt favours HPCL retaining MRPL stake

The government is in favour of HPCL retaining its 17 per cent stake in MRPL instead of ONGC buying it out. The petroleum ministry is of the ...

The government is in favour of HPCL retaining its 17 per cent stake in MRPL instead of ONGC buying it out. The petroleum ministry is of the opinion that this move will pave the way for ONGC synergising its operations with HPCL in both downstream and upstream operations.

At present ONGC holds around 72 per cent stake in MRPL, while HPCL has 17 per cent stake. The rest of the equity is with FIs and banks. ONGC had expressed its desire to buy out HPCL’s stake in the refinery. The move was part of the company effort to have a refinery of its own to help it in integration for downstream sector. ONGC also has plans to foray into retailing.

However, according to a senior official in the petroleum ministry, status quo will be maintained in MRPL, while ONGC should synergise operations with HPCL for integration. ‘‘ONGC already has a majority stake in MRPL and may be in the long run we can look forward to merging HPCL with ONGC,’’ he said.

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The government is mulling syngerising operations of all the oil firms and in the long run going in for three strong integrated oil PSUs. An option is being looked to merge OIL with IOC, BPCL with GAIL and HPCL with ONGC.

The oil firms in their meetings with the petroleum minister have suggested that the government consider merging HPCL with BPCL since that could create an oil marketing firm with a share equal to that of IOC.

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