Richa Mishra New Delhi, Jan. 24 The Petroleum Minister, Mr Murli Deora, has written to the Finance Minister, Mr Pranab Mukherjee, to consider setting up a fund that will aid domestic public sector companies in acquiring oil and gas assets overseas.
“Competition in the overseas market is tough, and to establish a strong footing apart from quick decisions, huge investments are required. There is also a need to have a strategy. A focal point is required to pursue such acquisitions,” official sources in the know told Business Line. The Petroleum Ministry has left it to the Finance Ministry to work out the details, including how the fund is likely to be created and the size of the corpus, among other things.
Full Story: Oil Ministry seeks fund for overseas buys - Hindu Business Line
“Competition in the overseas market is tough, and to establish a strong footing apart from quick decisions, huge investments are required. There is also a need to have a strategy. A focal point is required to pursue such acquisitions,” official sources in the know told Business Line. The Petroleum Ministry has left it to the Finance Ministry to work out the details, including how the fund is likely to be created and the size of the corpus, among other things.
Full Story: Oil Ministry seeks fund for overseas buys - Hindu Business Line
