• 15 hours Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 15 hours Oil Gains Spur Growth In Canada’s Oil Cities
  • 16 hours China To Take 5% Of Rosneft’s Output In New Deal
  • 17 hours UAE Oil Giant Seeks Partnership For Possible IPO
  • 17 hours Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 18 hours VW Fails To Secure Critical Commodity For EVs
  • 19 hours Enbridge Pipeline Expansion Finally Approved
  • 20 hours Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 21 hours OPEC Oil Deal Compliance Falls To 86%
  • 2 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 2 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 2 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 2 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 2 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 2 days Aramco Says No Plans To Shelve IPO
  • 4 days Trump Passes Iran Nuclear Deal Back to Congress
  • 5 days Texas Shutters More Coal-Fired Plants
  • 5 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 5 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 5 days Chevron Quits Australian Deepwater Oil Exploration
  • 5 days Europe Braces For End Of Iran Nuclear Deal
  • 5 days Renewable Energy Startup Powering Native American Protest Camp
  • 6 days Husky Energy Set To Restart Pipeline
  • 6 days Russia, Morocco Sign String Of Energy And Military Deals
  • 6 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 6 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 6 days India Needs Help To Boost Oil Production
  • 6 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 6 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 6 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 6 days District Judge Rules Dakota Access Can Continue Operating
  • 7 days Surprise Oil Inventory Build Shocks Markets
  • 7 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 7 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 7 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 7 days Oil M&A Deals Set To Rise
  • 7 days South Sudan Tightens Oil Industry Security
  • 7 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 8 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 8 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
Alt Text

5 Players To Watch In The FinTech Revolution

Artificial Intelligence and Blockchain tech…

Alt Text

Corbyn Seeks To Renationalize Britain’s Utilities

Jeremy Corbyn wants to renationalize…

Alt Text

How Vulnerable Is The Electrical Grid?

Hurricane Maria knocked out the…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

India Plans Merger Of 13 State-Run Firms Into Oil Giant

India Oil Refinery

India’s government is considering launching talks to merge 13 state-held oil companies into one giant conglomerate that could rival some of the industry’s global giants, India’s Economic Times reported on Monday, citing sources in the know.

India’s Cabinet Secretariat has tabled the idea to the oil ministry which has started assessing the prospects of a mega-merger, the ET said, adding that the oil ministry had declined to comment on the report.

The country’s biggest oil producer, Oil and Natural Gas Corporation (ONGC), as well as Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum, GAIL, Mangalore Refinery and Petrochemicals (MRPL), Chennai Petroleum, Numaligarh Refinery, and Oil India, are said to be subject of the merger idea, according to ET.

The government is also mulling over whether it could include the non-corporate government bodies Oil Industry Development Board (OIDB), Petroleum Planning and Analysis Cell (PPAC) and Petroleum Conservation Research Association in the giant oil group.

The cabinet plans to hold talks with all stakeholders, including the state-run companies, ET’s sources said.

Should a merger really take place, the Indian oil giant would be able to compete with the likes of Rosneft and BP on terms of size.

Back in 2005, India was also mulling over a huge oil merger. A panel appointed by the government then advised against the idea, arguing that monopoly would hurt competition and smaller specialized firms were generally doing better.

Now, Indian firms are buying into Russian oil fields. Last week, ONGC issued bonds to fund the acquisition of a 15-percent stake in the giant Vankor field in Russia. ONGC was the first Indian company to sign an agreement with Rosneft to buy into Vankor. Another three Indian firms - Bharat Petroleum, Indian Oil Corp, and Oil India - joined the party last month, when they signed a sales purchase agreement with the Russian side for the acquisition of 23.9 percent in the field.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News