(a) whether the Government has taken any steps for restructuring in the petroleum sector;
(b) if so, the details thereof; and
(c) the progress made so far as a result thereof?
(a) whether the Government has taken any steps for restructuring in the petroleum sector;
(b) if so, the details thereof; and
(c) the progress made so far as a result thereof?
MINISTER OF THE STATE IN THE MINISTRY OF PETROLEUM & NATURAL GAS
( SHRI DINSHA PATEL)
(a) to (c): Yes, Sir. Advisory Committee on Synergy in Energy (ACSE) under the Chairmanship of Dr. V. Krishnamurthy
submitted its report in July, 2005 with recommendations on policy and structural changes and also suggesting certain
management solutions for improved performance of the oil companies in the public sector.
In line with the recommendations of the Advisory Committee on Synergy in Energy, Kochi Refineries Limited (KRL) has
been merged with its holding company Bharat Petroleum Corporation Limited (BPCL). The merger of IBP Company with
Indian Oil Corporation Limited (IOC) is in the final stage. Steps have been initiated for the merger of Bongaigoan
Refinery and Petrochemicals Limited (BRPL) with IOC.
Government has approved the building of 5 Million Metric Tonnes (MMT) strategic crude oil reserves at three
locations at (i) Mangalore (1.5 MMT),(ii) Vizag (1.0 MMT), and (iii) Mangalore or nearby location (2.5 MMT).
In-principle decision has also been taken to construct 15 MMT of strategic storage in phases.
The Petroleum & Natural Gas Regulatory Board (PNGRB) Act, 2006 was notified in the Gazette of
India on 3.4.2006.