EnergyWatch

India will create national oil giant

The small scale of Indian oil companies has left them vulnerable to global competitors. The sale of a state-owned oil company will now change the picture.

Photo: Gazprom

While Denmark's Dong Energy has divested of its oil division to a British-Swiss firm, things are going in a different direction in India. The country hopes to strengthen the national oil sector, and the government is therefore selling the state oil company Hindustan Petroleum Corporation to an even larger, state-owned oil company, reports Financial Times.

The state-owned Oil and Natural Gas Corporation, ONGC, will buy the Indian government's 51 percent stake in Hindustan Petroleum for USD 4.6 billion.

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

US to bank more on nuclear power

Several US states are regarding nuclear power as a supplement to renewables when it comes to lowering emissions, but there is still opposition from a number of Democratic states.

Further reading

Related articles

Latest News

See all jobs