High level committee recommends strategy to reduce crude oil imports

In a report submitted to the oil ministry, a high-level committee (HLC) of companies has recommended strategies to reduce import dependency. The committee was formed to discuss research-related synergies and tax issues for state-run oil companies.

The committee consisted of Anil Kakodkar (scientist) and Sidharth Pradhan, an expert on financial and tax issues. “They also looked into mergers, acquisitions and consolidation of oil and gas public sector undertakings (PSUs) and the joint ventures”. During 2018, India consumed 204.92 MMT petroleum products and 58.64 billion cubic meters (BCM) natural gas, whereas the domestic production of crude oil and natural gas has almost stagnated.

Source- Business Today

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