(a) Whether the government proposes to create a Trust for oil companies.
(b) if so, the details thereof ; and
(c) the time by which the final decision is likely to be taken in this regard?
(a) Whether the government proposes to create a Trust for oil companies.
(b) if so, the details thereof ; and
(c) the time by which the final decision is likely to be taken in this regard?
MINISTER OF PETROLEUM & NATURAL GAS PANCHAYATI RAJ( SHRI MANI SHANKAR AIYAR)
(a)&(b) The Advisory Committee on Synergy in Energy headed by Dr. V.Krishnamurthy has submitted
its report with recommendations on policy and structural changes and has also suggested certain
management solutions for improved performance of the oil companies in the public sector. One of the
major recommendations of the Committee the is setting up of a National Shareholding Trust, modeled
after Temasek of Singapore and Khazanah of Malaysia, but with the modification that oil Public
Sector Undertakings (PSUs) joining the Trust will continue to retain their PSU character and the Trust
will function as a non-profit Trust set up under the Societies Registration Act or under the Companies
Act or as a statutory body. The Board of the Trust will comprise eminent personalities from Government,
Public Sector and Private Sector. The Committee expects that greater autonomy to the Trust would ensure
synergy in operations.
(c) The recommendation is under consideration of the Government.