Decision on sale of govt equity in oil PSUs could be delayed

NEW DELHI: A decision on sale of government equity in Hindustan Petroleum and Bharat Petroleum could be delayed beyond the December 7 deadline with Petroleum Minister Ram Naik on Thursday stating that he had no information about the next meeting of the Cabinet Committee on Disinvestment (CCD).
"I am not aware of the next CCD meeting," Naik told reporters when asked if Prime Minister Atal Bihari Vajpayee had called any meeting this week to resolve the issue.
At its meeting held on September 7, the CCD had decided to defer the decision on sale of equity in HPCL and BPCL in view of sharp differences among senior Cabinet ministers on the mode of divestment with Defence Minister George Fernandes siding with Naik to oppose strategic sale advocated by Disinvestment Minister Arun Shourie.
Naik, who had earlier indicated his preference to public offering over strategic sale, refused to reply to questions whether there was any dilution in his earlier stand.
"It is a Cabinet issue now and whatever I have to say I will say it there," he said.
Asked if there was any progress on the contentious issue, Naik said "Prime Minister is considering (it)."
Refusing to be drawn into the CCD decision of September 7 postponing by three months the issue of sale of Government equity in oil refining and marketing companies HPCL and BPCL, he said "I am Petroleum Minister and not PM (Prime Minister)."
It was not clear from Naik''s comment whether reports of a compromise formula prescribing strategic sale in HPCL and public offering in BPCL was being considered in an effort to bring about a unanimity in CCD.