Indian Oil Corp (IOC) director-pipelines Akshay Kumar Singh will be the new managing director and chief executive of the country’s biggest gas importer, Petronet LNG Ltd. He will replace Prabhat Singh who completed his 5-year term.
Petronet is a joint venture of IOC, GAIL, Oil and Natural Gas Corp (ONGC) and BPCL. The four state-owned firms hold 12.5 per cent stake each in the company whose chairman is the Oil Secretary. Petronet operates liquefied natural gas (LNG) import terminal at Dahej in Gujarat and Kochi in Kerala.
Important takeaways for all competitive exams:
- IOC Chairperson: Shrikant Madhav Vaidya.
- IOC Headquarters: New Delhi.
- IOC Founded: 30 June 1959.