Search the Internet          Tips  Sites: Finance, Investment

Naik presents Mashelkar Committee report to Advani

Petroleum Minister Ram Naik met Deputy Prime Minister L K Advani on Friday to present the Mashelkar Committee report on Auto Fuel Policy but said he did not discuss the contentious issue of divestment in oil PSUs.

He categorically stated that discussions during the 40-minute meeting centered around the report and drafting of achievements of the petroleum ministry during the three-year NDA (National Democratic Alliance) rule.

"We have sought comments on the Mashelkar Committee report from all concerned. It is in this connection I met Advani and presented a copy of the report to him," Naik said in New Delhi.

Divestment of Hindustan Petroleum and Bharat Petroleum did not figure during the meeting, Naik, who recently met Defence Minister George Fernances and Human Resource Development Minister Murli Manohar Joshi to garner support for stalling strategic sale in oil PSUs, said.

Sources in the North Block, however, did not rule out the possibility of Naik discussing the Vijay Kelkar formula of privatising Hindustan Petroleum Corporation while reducing government's stake in Bharat Petroleum Corporation through a public offer.

Kelkar, who met Naik after taking over as advisor to finance minister last month, is believed to have mooted an informal proposal of privatisating one of the two oil PSUs while reducing stake in the other through an open offer.

The petroleum minister, who has opposed strategic sale of HPCL and BPCL citing national security and monopoly concerns, is not opposed to the Kelkar formula as public sector firms would continue to control 78 per cent of the market while at the same time giving private sector a piece of the oil cake.

ALSO READ:
More Money Headlines