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Panel moots 100% FDI in refining sector

A top-level committee has recommended 100 per cent foreign direct investment or FDI in the refining sector from the present 49 per cent.

The committee, headed by India's finance minister Yashwant Sinha, has also recommended complete restructuring of public sector oil companies within three to five years, implementation of proposals on the merger of public sector oil units and utilisation of information technology.

These from part of the recommendations put forward by the group on India Hydrocarbon Vision: 2025, whose report was submitted to Prime Minister Atal Bihari Vajpayee here today by Sinha.

The committee, constituted by the Vajpayee was asked to work out a specific framework for developing the country's hydrocarbon sector by 2025, and make it a globally competitive industry by promoting competition among the oil companies.

UNI

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