Petro Ministry to finalise divestment plan today

The Ministry of Petroleum and Natural Gas is gearing itself up ahead of the crucial meeting of the cabinet committee on disinvestment (CCD) ...

The Ministry of Petroleum and Natural Gas is gearing itself up ahead of the crucial meeting of the cabinet committee on disinvestment (CCD) on Saturday. Additional secretary in the ministry Naresh Narad in coordination with the petroleum secretary has been given the responsibility of finalising the presentation.

Petroleum minister Ram Naik is reaching Delhi in late night on Thursday. The minister would hold a meeting of his team in the ministry. In this meeting, the minister and his officials are expected to finalise the details of the presentation before the CCD. Naik is also expected to meet the prime minister Atal Behari Vajpayee. The prime minister would try to work out a reconciliation between the various ministers including Shourie and Naik on the issue of HPCL and BPCL disinvestment.

According to sources, Naik would lay some options before the prime minister on the BPCL, HPCL disinvestment. Three options look feasible. The petroleum ministry has been pitching in for the public offer route instead of strategic sale. The other option would be to look at the possibility of a merger between BPCL and HPCL to create value addition before disinvestment and also to ensure that the investments in the two refineries (Bina and Bhatinda) are ensured by the incumbent if at all there is a decision for disinvestment. Failing all this, the petroleum ministry is expected to push for allowing oil PSUs (mainly ONGC) to be allowed to bid for HPCL and BPCL. However, this would be the last option in case all other arguments of the petroleum minister go futile.

Meanwhile, in a bid to break the impasse over the disinvestment programme, particularly relating to sale of equity in oil PSUs, Disinvestment Minister Arun Shourie had a meeting with Defence Minister George Fernandes, who sought policy review for any course correction that might be needed. The two ministers met here on Wednesday.

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