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An empowered group of Ministers would take the final decision on divesting shares of Indian Oil Corporation Ltd.
“We have given our comments (to the Department of Disinvestment). eGoM would take the final decision,” the Petroleum Secretary, Vivek Rae, told mediapersons on Wednesday.
Last month, global roadshows were held for sale of 10 per cent stake in the country's largest refiner and oil marketing company. It may fetch about Rs 4,000 crore.
However, investors raised concerns on the subsidy burden faced by IOC.
With just four months to go for the fiscal year, IOC stake sale is important to achieve disinvestment target of Rs 40,000 crore.
The issue was expected to hit the market by December. The Government holds 78.92 per cent stake as on June 30.
Citibank, HSBC and UBS Securities are among the five merchant bankers selected to manage the IOC share sale.
BHP BILLITON
Another senior official at the Ministry of Petroleum and Natural Gas said that the Government is trying to take steps to stop BHP Billiton to leave India.
The explorer has told Government that it would exit 9 oil and gas blocks.
Partnering with ONGC is one of the options, the official said.
SANTOS LTD
Australia's Santos Ltd too wants to exit its two offshore oil and gas exploration blocks in India.
In February 2007, it was awarded two blocks in Bay of Bengal.
“They had met us and said that they would like to exit. That's because there is some problem due to the Bangladesh water dispute. They are under international arbitration for long time,” Rae told mediapersons on the sidelines of the 12th Petro India summit.
Rae added that India would import up to 11 million tonnes of crude oil from Iran.
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