Indian Government Mulls Sale of Interest in IOC, ONGC

The Indian government is mulling the sale of a 5% interest in the Oil and Natural Gas Corporation and a 20% interest in the IndianOil Corporation in domestic and international markets, reported PetrolWorld.

The sale of interest in these energy firms is part of the government’s plan to meet the INR132 billion target through disinvestment. The proposed sale does not include IndianOil’s (IOC’s) fuel station assets, according to PetrolWorld.

PetrolWorld noted that the sale of interests in IOC and Oil and Natural Gas Corporation (ONGC) is part of the alternatives that the Indian petroleum ministry listed in instructions to the country’s Cabinet Committee on Disinvestment.

The committee has earlier unsuccessfully tried to divest interests in Hindustan Petroleum Corporation and Bharat Petroleum Corporation. India’s Supreme Court halted the sale, judging that parliamentary approval was required for such divestments, according to PetrolWorld.