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Indian oil refinery: the government has found a new |
Dogged by political opposition, India’s government is going half-throttle on the privatization of two key petroleum refining and marketing companies. The sale of Hindustan Petroleum (HP) and Bharat Petroleum (BP), once owned by foreigners and nationalized in the 1970s, have faced several roadblocks over the past year, minister for petroleum Ram Naik being a staunch opponent.
The government cleverly worked out a compromise late in January that conceded little to its critics while removing an important obstacle to privatization, and paving the way for possibly India’s first billion-dollar privatization sale.
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