Wednesday, December 13, 2017

Oil Explorer ONGC Keen to Buy Stake in Refiner HPCL

Posted by June 14, 2017

India's top explorer Oil and Natural Gas Corp (ONGC) is keen to acquire the government's stake in oil refiner Hindustan Petroleum Corp (HPCL), the country's oil minister said on Wednesday.

"ONGC has shown interest," Dharmendra Pradhan told reporters in New Delhi.
"In my view, HPCL's independent identity and brand will be protected in the process," HPCL Chairman Mukesh Kumar Surana said, indicating the refiner could become a subsidiary of ONGC.

(Reporting by Nidhi Verma and Neha Dasgupta; Editing by Mark Potter)

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