Just a day after Prime Minister Atal Behari Vajpayee warned of an ‘‘anti-reforms atmosphere’’ being created in the country and said that it was wrong to rubbish the disinvestment policy as a sell-out, Petroleum Minister Ram Naik did exactly that today.He was careful to preface it saying that the Prime Minister ‘‘is our guide and philosopher,’’ who had indicated in a very authoritative manner the way the disinvestment process would go on. ‘‘There are no contradictions within the Government,’’ he said.Only yesterday, Naik met his partners in the anti-disinvestment lobby George Fernandes and Murli Manohar Joshi, hours before RSS chief K S Sudarshan slammed the Government asking for the sacking of all those who wanted to open the country to foreign investment.Today, addressing a press conference while launching a Ministry website, Naik said that he was opposed to strategic sale in both the oil PSUs, HPCL and BPCL.It was the scuttling of their disinvestment that stalled the process last month leading to international credit downgrades and widespread criticism over the Government’s commitment to the reforms process.Reacting to the downward slide in the share prices of BPCL and HPCL companies following the deferment of a decision, the minister said both companies had a ‘‘true value’’ and the government policies were not guided by stock markets.Referring to the Prime Minister’s remarks that there would be a debate on the disinvestment of the two oil PSUs and a decision would be reached in three months time, Naik said: ‘‘I feel that it is desirable that the Cabinet should discuss strategic sale and arrive at a decision and in that I feel that strategic sale in HPCL and BPCL should not be done.’’He added that disinvestment up to 49 per cent could be allowed in these two companies if they are disinvested by way of a public offering.‘‘Petrol, diesel and kerosene are highly sensitive products and oil PSUs including Indian Oil, HPCL and BPCL are presently sharing their marketing infrastructure for supplying petroleum products all over the country. IOC’s Panipat and Mathura refineries are supplying petroleum products to the entire North India irrespective of the fact whether it is an HPCL, BPCL or an IOC outlet. These are interwoven marketing systems developed over the years which will be disturbed if disinvestment in HPCL and BPCL is carried out through the disinvestment route,’’ he claimed.Naik said that what was needed was a ‘‘cautious approach’’ in the disinvestment of oil PSUs and a mid-term review of the entire process. He defined the cautious approach as: ‘‘Just as a lion looks at every side before proceeding ahead, similarly we should look at all aspects before going ahead with the disinvestment programme.’’
