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Decision on BPCL, HPCL divestment in Dec: Naik

Petroleum Minister Ram Naik said on Thursday that decision on the divestment of Hindustan Petroleum Corporation and Bharat Petroleum Corporation will be taken only in the first week of December.

Discounting media reports that decision on the sale of BPCL and HPCL will be taken by this month-end, the minister said that the Cabinet Committee on Divestment, on September 7, had decided to defer a decision on the strategic sale of both the public sector companies for three months and the government will take up the issue only in December.

''We are discussing the issue of BPCL and HPCL divestment,'' the minister said when asked whether the matter was being discussed by the Cabinet ministers.

Addressing a media conference on the completion of three years of the NDA (National democratic Alliance) government, Naik said the Centre proposes to invite bids for the fourth round of NELP (New Exploration Licensing Policy) and second round of CBM (coal- bed methane) blocks in the second quarter of 2003. The move would help the country to reduce its hydrocarbon bill in the next five to six years.

The government also proposes to increase the coverage of LPG and is likely to give more than four crore (40 million) new connections in the next two years, the minister said.

UNI

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